"We Got Funded!" Dubai-Based Gaming Studio Farcana Raises US$10 Million Seed Round Farcana combines traditional competitive games with an inbuilt tournament system that guarantees Bitcoin rewards to the top 10% gamers.
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Dubai-based gaming studio Farcana has raised US$10 million in a seed funding round from a number of investors, including Animoca Brands, Polygon Ventures, Fenbushi Capital, Merit Circle, Rarestone Capital, MMPro Trust, Unpopular Ventures, Kapo Capital, Emchain, Hasu Capital, and Dravus Investment.
Farcana combines traditional competitive games with an inbuilt tournament system that guarantees Bitcoin rewards to the top 10% gamers. This system makes esports a commodity, allowing anyone to join and play games. In doing so, the gaming studio is committed to building games that introduce a new, tactical approach to typical shooter games.
"Games have created one of the biggest economic contributors to our society, and the combination of esports with up and coming technologies, like blockchain, is something we're trying to achieve," said Ilman Shazhaev, founder and CEO of Farcana. "At Farcana, our goal is to enable an unparalleled combination of Web3 gaming and esports, whereby all players globally can for the first time access limitless gaming and competitions without the typical blockchain-based complications. It's a revolution that will change the fundamental role of gamers from 'time wasters' to value creators and distributors."
Yat Siu, co-founder and Executive Chairman of Animoca Brands, added, "We have been working with Farcana over the past year, and we've been impressed with the development and traction it's received so far. Our strategic investment into Farcana is part of the vision of Animoca Brands to drive Web3 development in the MENA. The region is rapidly modernizing and adopting emerging technologies, and we're excited to support partners such as Farcana as they actively lead the sector, and bring exciting products to market."
Farcana had launched the pre-alpha playtest of its new game -a multiplayer third-person hero shooter game that features a wide range of stars, each with unique abilities and weapons- back in June 2023 at the Dubai Esports Festival, in partnership with Dubai Economy and Tourism Department and sponsored by Alienware and Dell.