CCP Games secures $40M funding for upcoming Web3 game

Independent game developer CCP Games, known for its multiplayer online game EVE Online, has announced that it has secured $40 million in financing from external partners to develop a new triple-A title set in the EVE Universe. 

We’re excited to announce that we have secured $40M financing, led by @a16z, to create a new AAA game within the EVE Universe utilizing blockchain technology.

Learn more here: https://t.co/IZJlPRcZ0z pic.twitter.com/y9cqZKtt2l

— CCP Games (@CCPGames) March 21, 2023

The financing was spearheaded by venture capital firm Andreessen Horowitz (a16z), with participation from Makers Fund, BITKRAFT, Kingsway Capital, HASHED, Nexon, and other investors.

 According to CCP Games, the upcoming project will rely on blockchain technology and smart contracts to develop core game systems, prioritizing persistence, composability, and enabling open third-party development to connect players and virtual worlds. CCP Games aims to create a new relationship between virtual worlds and players by developing a game with a deeper level of player autonomy and agency. The developer believes blockchain technology will aid in that objective

Founded in 1997, CCP Games is headquartered in Reykjavik, Iceland, and has additional studios in London and Shanghai.

Related: What are Web3 games, and how do they work?

Andreessen Horowitz, also known as a16z, is a leading venture capital firm that lost billions in the crypto industry in 2022. Despite suffering losses, a16z said it remained committed to investing in the crypto market and the Web3 vision of the internet. Speaking to The Wall Street Journal on Oct. 26, a16z general partner Chris Dixon said the crypto market downturn represented an opportunity to continue supporting crypto entrepreneurs and that the sector has a long-term horizon for growth.

On Jan 17, Carry1st, a mobile games publisher in Africa, raised $27 million in a funding round that saw participation from Andreessen Horowitz. The funding will be used to advance its publishing and digital content creation platform, as the backers believe that the African continent is ripe for Web3 adoption.