Cadenza Ventures leads group of premier VCs in $5.8 million seed round, including Tiger Global, FTX, Winklevoss Capital, Alumni Ventures, CMS Holdings, Third Prime, Electric Feel and BlockFi to enable traditional gamers to seamlessly wager and earn crypto rewards.
MIAMI, April 26, 2022 /PRNewswire/ -- GamerGains Lab, Inc. (GamerGains) announced the close of its $5.8 million seed round, supporting the development of the first-ever cryptocurrency-based play and earn platform serving hundreds of millions of traditional gamers around the world, across both PCs and consoles. Built by gamers for gamers, GamerGains will enable a players' typical gameplay to become an opportunity to earn crypto rewards, without a digital wallet or previous crypto experience, creating an accessible on-ramp for traditional gamers to enjoy the benefits of Web3.
"Our vision for GamerGains is to combine our passion for traditional PC and console gaming with Web3 innovations, allowing gamers at all levels to play and earn through fair, transparent challenges, contests and tournaments," said Jon Brovda, Co-Founder and CEO of GamerGains. "GamerGains is designed to be a crypto-enhanced home for traditional gamers ? with ongoing support for their favorite consoles and titles ? and we are thrilled to have an incredible group of investors supporting that vision."
GamerGains has secured seed funding from high-profile tech, blockchain, and crypto investors. Led by Cadenza Ventures, the group includes FTX Ventures, Tiger Global, Winklevoss Capital, Alumni Ventures Group, CMS Holdings, Third Prime, Global Founders Capital, Lightbank and BlockFi. Also joining the round is Austin Rosen's Electric Feel Ventures, investment arm of the entertainment company representing multi-platinum global superstars such as Post Malone.
The GamerGains platform will eliminate the technological, economic, and professional barriers that have constrained gaming platforms thus far. The platform is designed for all gamers, from those who enjoy casually playing alone, to advanced players who will utilize the platform for e-sports, large contests and tournament competitions.
"GamerGains possesses key elements we look for in an investment: a large addressable market, well-defined and compelling products or services with a clear competitive advantage, and an outstanding team," said Max Shapiro, Co-Founder and Managing Partner of Cadenza Ventures. "We were early investors in BlockFi, where Jon was a foundational member of the team and contributed to the spectacular growth of the business. That experience, combined with the team's excitement and motivation, will revolutionize the gaming space."
"The combination of gaming and Web3 presents exciting opportunities, and GamerGains has demonstrated the clarity to focus on the most dedicated gaming enthusiasts with deep and durable communities," said Kooshul Jhaveri, Investor, Tiger Global. "The team's understanding that traditional gaming is at the heart of this evolving market, and yet remains underserved for the future, sets them apart."
Leading GamerGains are Co-Founders Jon Brovda, Jacob Brovda, and Kane Jeong. Jon was previously the 14th member of BlockFi's team, serving initially on the Client Services team before becoming Product Manager as the number of BlockFi clients skyrocketed from 1,800 to over 600,000, and employee headcount grew to over 800. Jacob leaves his role as Product Designer at DraftKings, the fantasy sports contest and betting platform. Kane joins GamerGains from the workplace productivity platform ClickUp where he was a Senior Software Engineer.
The Brovda brothers, who have spent a collective 40,000 hours gaming en route to global top 100 rankings in their favorite games, became frustrated by third party gaming platforms with rampant scoring disputes, payment fraud, high fees, and inadequate technology. As early investors and adopters of cryptocurrencies since 2012, the pair understood the potential to leverage blockchain technology to enable borderless, seamless, and transparent rewards and tournament wagering, reimagining the future of competitive gaming.
GamerGains will launch in beta for PC games this spring and consoles later this year. To sign up for the waitlist to beta test the platform and join the GamerGains Discord please visit https://gamergains.com, and follow @gamergains_ on Twitter.
About GamerGains Labs, Inc.
GamerGains Labs, Inc., based in Miami, is the first-ever token and cryptocurrency-based play and earn platform serving traditional gamers ? a community of hundreds of millions of people around the world that enjoy playing on PCs and consoles such as Xbox and PlayStation. Offering an easy-to-use interface, the innovative platform will allow members to earn crypto with confidence through an automated contest lifecycle, which is impartial, transparent, and features instant payout settlement.
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