Glip raises $2.5 million to develop class-A Web3 games ecosystem
Web3 game discovery & wallet app, Glip has raised an additional $2.5 million in new funding from a range of investors, bringing the total investments it received to $6 million thus far.
The latest growth round for the India-based startup was led by Hashed Emergent. It was also bankrolled by Beenext and saw participation from existing backer Prime Venture Partners. As strategic fundraising is over, the endorsement from established and thorough crypto venture capitalists is a massive boost for the platform and the sphere at large.
In a statement, Glip said it will utilize the freshly-raised funds to accelerate growth and expand operations, 10-member team and product suite with the goal of onboarding millions of gamers to web3. The team’s goal is to change the perspective that many have towards Web3 and showcase its value while simultaneously introducing an apps platform for gamers.
Glip, which has a live platform with over 2 million active users and 7 million downloads, currently enjoys a strong presence in India, Philippines, Indonesia, Brazil, Eastern Europe and has begun entry in the USA market.
Founded in 2020 by Parth Choudhary and Ishan Shrivastava, the startup is building a dedicated distribution platform that boasts tools for content creation – recording, streaming, and montage editing.
One of Glip’s distinguishing features is that it will not be limited to being just a gaming platform. The project has ambitious goals, including becoming a one-stop shop for all Web3 gaming needs. Specifically, the platform continues to sign up top web3 gaming projects like Axie Infinity, League of Kingdoms, KOF Arena by Netmarble to boost user acquisition and engagement.
Glip also offers a creator economy tool suite for gamers to publish and monetise on existing social media and content platforms.
Commenting on the news, Tak Lee, Managing Partner at Hashed Emergent states: “At Hashed Emergent, we believe that the gaming industry will play a key role in onboarding the next billion users to Web3. Currently there are two major challenges in Web3 gaming – lack of distribution channels and complex user onboarding. The team at Glip has built a seamless platform to solve for both. We are impressed by the team’s agility, foresight and speed of execution, and are excited to partner with them on their journey to build the “Steam” equivalent for Web3 games.”
Glip CEO and Founder Parth Choudhary adds: “With $10B already deployed, web3 games are increasing rapidly and getting better by the day, but they are all struggling with user acquisition on web2 platforms. Our mission is to build the world’s largest web3 gamer platform.”
Glip COO and Founder Ishan Shrivastava comments: “We have a pipeline of 100+ games across the world including top publishers. They are all excited by web3 adoption in emerging markets & will soon get a self-serve dashboard to run campaigns, get user feedback & analytics. Glip will soon cross 100K monthly active web3 gamers.”
Despite the rocky year for the cryptocurrency market, blockchain-based gaming has only grown in popularity. In particular, there is an immense opportunity for esports to become a major contributor to India’s digital economy in the future. A testament to the fact is that Indian startups operating in the metaverse, web3 and NFT segments have seen record funding and acquisitions in the past year.
Meanwhile, the gaming sector remains a silver lining for the future of dapps amid the doom and gloom of a prolonged crypto winter. It now accounts for 51% of total blockchain usage. This is no surprise, as we have seen multiple blockchain games with truly immersive game mechanics that take entertainment to the next level.