Digital hobby startup Magicave receives new round of funding
Digital toy, game and hobby startup Magicave has raised $6.4 million in funding. A majority of the funds come in the form of a successful seed round. The round, led by BITKRAFT Ventures, Fabric Ventures, Geometry and Sferion, ended with a total of $5.675 million.
Started by Harry Holmwood (CEO), Ste Curran (Creative Director) and Ed Thorley (CTO), Magicave is bringing tactile gaming into the digital world. Their first project, dNo (short for ‘d-Number’), is virtual dice that can be tied to game characters, worlds, and more.
“We believe that blockchain technology, and the decentralization and flexibility it offers players and creators, has the potential to create a new way of thinking around games: object-oriented, just as joyful and, crucially, consumer-owned,” said Holmwood in a press release. “We’re assembling a world-class team of game developers, artists and designers to build hobbies at the forefront of gaming and Web3. Raising a substantial round from such respected investors gives us the time, and expertise, to build something really exciting.”
“From our first meeting it became clear that Magicave’s approach to Web3 is unlike any we’ve seen in the industry,” said Nico Vereecke, Investor at BITKRAFT Ventures. “Instead of using blockchain as an economic layer, Magicave uses it to turn digital items into something fascinatingly close to physical toys. We’re excited about what this team has already achieved and what it will go on to do with our backing.”