Yield Guild Games Southeast Asia (YGG SEA), a regionally focused sub-DAO (decentralised autonomous organisation) owned by Yield Guild Games, has secured $15 million in two rounds of fundraising.
The parent firm and Infinity Ventures Crypto led the seed round of funding in August, according to a release.
Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital, and Sembrani Kiqani by BRI Ventures led the new investment round in November. Circle, Hashed, Polygon, Bukalapak, UOB Venture Management, Arca Funds, Evernew Capital, OKEx Blockdream Ventures, Yolo Ventures, SevenX Ventures, LongHash Ventures, Hashkey Group, Morningstar Ventures, Rise Capital, Dialectic, SweeperDAO, PetRock Capital, DNC Ventures, FBG Capital, and Emfarsis are among the other co-investors.
The money will allow YGG SEA to provide a tailored product to the gaming community in the region.
Malaysia, Indonesia, Vietnam, Singapore, and Thailand will be the guild’s initial emphasis. In each nation, it will encourage locally produced play-to-earn games and buy game assets to benefit the guild’s player base.
YGG SEA is an official sub-DAO of YGG, which began as a decentralised autonomous organisation in July 2021 and is led by CEO and co-founder Evan Spytma, as well as co-founders Dan Wang and Irene Umar. Through localised investment, education, and on-the-ground services, YGG SEA uses the parent’s infrastructure and assets to help communities in the region join the metaverse.
YGG SEA has assisted over 2,500 players and investors in the area, including over 600 in Thailand, in generating new cash sources. By 2022, the regional guild hopes to have a client base of over 10,000.
BRI Ventures has created Sembrani Kiqani, a fund that focuses on early-stage entrepreneurs in the direct-to-consumer space.
YGG is a decentralised gaming guild that pools investor funds to buy yield-generating NFTs and uses members’ time and effort to maximise the usefulness and return on its community-owned assets. YGG intends to generate value for its users by improving the content and economics of virtual worlds and blockchain-based games, combining NFTs and DeFi.
YGG reported in July that it has sold 25 million of its native YGG cryptocurrency tokens in under 31 seconds, raising around $12.5 million in USD Coin.
