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Heroes of Mavia Closes $5.5 Million Seed Round Led by Binance Labs

The PlayToEarn Massive Multiplayer Online (MMO) strategy game will use the funds for game & community development along with recruiting top talent.

Several Prominent VCs Involved

The venture capital and innovation incubator arm of the Binance exchange has led yet another funding round in the PlayToEarn domain.

Binance Labs announced on January 21 that it led the $5.5 million seed round for the play-to-earn MMO strategy game, Heroes of Mavia, based in the Mavia fictional world. Mavia is a fantasy-themed island where a gamer can command a base and grow their arms by gathering resources by attacking other players. Other investors that also participated in the seed round are Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research, Animoca Brands, YGG, YGG SEA, ExNetwork Capital, Double Peak Ventures, Merit Circle, and Hashkey Capital.

“Play-to-earn gaming is always a sector that we are active in. Heroes of Mavia brings many innovations to the sector alongside a fast-growing community. We look forward to seeing more new ideas and improvements from the team,” stated Nicole Zhang, Investment Director of Binance Labs Fund, in the official blog from Binance.

The GameFi project's prospects were reiterated as the motivation for the significant investment by Binance Labs.

“At a time when play-to-earn gaming is exploding in interest globally, we believe Mavia and the team behind it is positioned to be a top AAA-title in the space,” added Bill Chin, Head of Investment at Binance Labs.
Source: Binance Blog

In the game, players need to occupy one plot of land by 1 of 3 methods: owning land, renting land, or partnering with a landowner. A plot holds a single base in the game. Additionally, the game uses a dual token model, with MAVIA being the governance token and RUBY as the in-game token currency.

Source: Mavia Roadmap
“Our team views Mavia as more than just a game, but as a mini-nation containing its own robust economy and ecosystem that must be balanced correctly. Equally as important to us as producing AAA-quality graphics and engaging gameplay is creating a sustainable tokenomic model that allows a broad range of players to participate and enjoy the game. We are excited to receive the backing of Binance Labs, and with their investment, we have the support we need to carry out our vision for Mavia,” mentioned Tristan Chaudhry, Managing Director of Skrice Studios.

Find more about Mavia here:

Website | Twitter | Youtube | Telegram | Medium | Discord

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