Web3 gaming firm Hyve Labs raises $2.75 million in pre-seed funding

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The Block2025/01/15 16:00

By:The Block

Quick Take Hyve Labs develops a gaming rollup built using, among other technology, the decentralized data availability service EigenDA to act as a cross-chain game launcher. The firm intends to use the funds to grow out its team and developing its core infrastructure, such as launching its testnet chain, first game and other on-chain assets.

Web3 gaming firm Hyve Labs raises $2.75 million in pre-seed funding image 0

Hyve Labs, a web3 gaming firm, raised $2.75 million in pre-seed funding, making up the startup's total funding to date.

Framework Ventures led the round, which saw additional contributions from Volt Capital, Builder Capital, 32 Bit Ventures and numerous angel investors, according to a release shared with The Block.

Hyve Labs develops a gaming rollup built using, among other technologies, the decentralized data availability service EigenDA to act as a game launcher. The protocol also lets Hyve integrate on Telegram, Discord, Farcaster and other social platforms, the release said. Hyve Labs intends to use the funds to grow its team and develop its core infrastructure, such as launching its testnet chain, first game and other on-chain assets, the firm's CEO and Co-Founder Lucas Fulks told The Block.

"With the backing of incredible investors like Framework and Volt Capital, this funding propels us closer to redefining the gaming landscape," Fulks said. "Our mission is to create a gaming ecosystem that prioritizes fun and engagement for players while empowering developers and builders to innovate without constraints."

Framework Ventures also led a $2.5 million funding round for the energy-focused DePIN startup Starpower on Jan. 9, The Block previously reported.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The Block•2025/01/16 19:00