BUSINESS NEWS | digital & technology

Early-stage blockchain startup BreederDAO secures $10 million in Series A Funding

By AJ Chua
Published February 10, 2022

Photo Credit: Tech in Asia

Philippine-based blockchain startup and NFT asset factory BreederDAO raised $10 million in Series A funding via a token sale. The funding was co-led by Andreessen Horowitz (a16z) and digital asset research and design firm Delphi Digital, with participation from Hashed, com2us, Morningstar Ventures, Mechanism Capital, Sfermion, The LAO, Emfarsis, and others.

The newest play-to-earn player said the funds raised would be used to scale its asset generation program and make strategic investments in blockchain games with player-driven economies. These types of games require a large volume of high-caliber assets to fulfill rising consumer demand from their launch.

BreederDAO said it also aims to expand its core team and hire more senior engineers and business developers.

According to Arianna Simpson, General Partner at a16z and an Axie Infinity board member, the demand for NFTs is beginning to outstrip supply, “With demand for play-and-earn games rapidly expanding, quality NFT production and scholarship programs also need to scale up quickly, but asset liquidity remains a barrier. That’s why we’re excited to partner with BreederDAO, which will accelerate the whole ecosystem and unblock essential assets to help play-and-earn reach its full potential.”

“Breeding is an integral mechanism for balancing play-and-earn game economies, such as Axie Infinity. It’s a complex process involving many economic factors that can be difficult to scale,” Yan Liberman, founder partner at Delphi Digital, meanwhile said. “We’re very excited to be backing BreederDAO as it fills a critical gap in the market by introducing scalable supply-side liquidity,” he added.

According to BreederDAO’s website, it is the “NFT asset factory of blockchain games,” or a specialist manufacturer of digital assets used in blockchain-based games and virtual worlds, such as Axie Infinity, Sipher, Cyball, and Crabada. The startup aims to ensure that access to NFTs is not limited, especially today that demand for play-to-earn scholarships continues to proliferate. With its range of on-chain and off-chain techniques and high-volume asset production, BreederDAO intends to empower individuals and guilds in the blockchain community.

As per the data available on BreederDAO’s website, the NFT specialist has already supplied 100,000 NFTs and partnered with over 50 guilds and over eight games.

The startup aims to participate in over 100 gaming economies by 2024. 

BreederDAO was founded by CEO Renz Chong, COO Jeth Ang, and CTO Nicolo Odulio. Chong is equipped with experience in the fields of growth strategy, data science, and machine learning due to his previous stints as an early advisor to Yield Guild Gamers (YGG) and a former management consultant at Angkas. Meanwhile, Ang has founded six cashflow-positive companies in the Philippine construction, logistics, and e-commerce industries and is the founder of a player guild with 500 scholars active in three NFT games. Lastly, Odulio, a former Philippine Airlines commercial pilot, is the startup’s in-house smart contract expert with experience building cryptocurrency projects.

Its team of advisors includes Gabby Dixon, the founder of YGG; Piers Kicks, founding partner at Delphi Ventures; Do Kwon, the founder of Terra; and Ryan Wyatt, the global head of gaming at YouTube.

Sources:
BreederDAO’s Official Website
TechCrunch
BreederDAO Community on Medium