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

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.

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 Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Editor

To contact the editor of this story:
Lawrence Lewitinn at
[email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on