Venture Capital • May 16, 2024, 10:00AM EDT

Animoca Brands leads $7 million round for gaming platform Param Labs

Quick Take

Top crypto investor Animoca Brands led a $7 million funding round for Param Labs, a gaming platform that has a significant online community across X and Discord.
Delphi Ventures and Cypher Capital were among the many other investors who participated in the round.

Animoca Brands, already a prolific investor in crypto video game projects, announced it led a $7 million round in the gaming platform Param Labs.

Based in the United Arab Emirates, Param Labs boasts a fairly robust online community. The company said it has more than 2.5 million followers on X across all its pages, in addition to 500,000 Discord users, according to a statement. The platform also has 300,000 daily active users, said Param Labs.

"This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets," Animoca Brands co-founder and executive chairman Yat Siu said in the statement. Siu also made a "strategic investment" into Param Labs, according to the statement.

Other participating investors included Delphi Ventures and Cypher Capital.

Param Labs aims to build a gaming ecosystem that will be governed by its native PARAM token, which will soon be launched, the company also said. The company's first game, "Kiraverse," is a play-to-earn, multiplayer shooter.

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