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Mobile-first Web3 games developer Pixion has raised $12.4 million in its latest funding round led by VC firm Delphi Ventures.

The funding will add further investment to Pixion’s flagship web3 project, an isometric RPG and base builder called Fableborne.

Gam3s.gg reported that further support towards the round came from Animoca Brands, Arete Capital, L1D, Sky Mavis, Spartan Capital and Yield Guild Games.

Tokens and ecosystems

The funds raised during this latest round will be used to accelerate Fableborne’s development and expand its Power Protocol ecosystem, intended to secure “long-term sustainability and growth” for its ecosystems.

Comprised of veterans from Konami, Square Enix, Ubisoft and more, Pixion has been developing Fableborne since late 2020 and previously received a $5.5 million investment to bolster its development.

The launch of its native token, $POWER, is expected to follow.

“We all know the struggle of finding the time to have satisfying gaming experiences and keeping up with the competition. Fableborne is the antidote to this – a new category of esports games that fits around your lifestyle and plays the way you want it to,” Pixion founder and CEO Kam Punia said previously.

The blockchain scene

Being a web3 game, Fableborne has seen notable support from the blockchain scene, such as Axie Infinity creator Sky Mavis. Axie Infinity was one of the big games of 2021, picking up steam three years after its launch and leading Sky Mavis to a $3 billion valuation.

However, the game later had $625 million worth of cryptocurrency stolen from its Ronin Network and its utility currency temporarily devalued to $0.004. Sky Mavis later released Axie Infinity: Origins in 2023.

Pixion’s Fabelborne, meanwhile, has been designed with ambitions as a “lunchtime esport“, intended to offer asynchronous competitive elements to players, allowing play at their own pace.