In a seed extension round, Dogami, a web3 game that allows users to adopt and nurture virtual pets, received $7 million.
XAnge, a European venture capital company, spearheaded the fundraising. According to a corporate release, other investors include Bpifrance, Blockchain Founders Fund, and Wagram Capital.
Dogami CEO and co-founder Max Stoeckl told The Block that the equity round concluded at the end of November. Dogami received $6 million in initial fundraising earlier this year from investors including Ubisoft, Animoca Brands, Tezos, and GSR, and the latest seed extension increases Dogami’s total capital to $14 million.
“There was a lot of research,” Stoeckl remarked. “I believe we went through two months of commercial and legal due diligence.” These investors flipped every stone upside down, and it’s also a positive indicator of credibility for us.”
Dogami, which launched in the middle of last year, allows users to purchase non-fungible tokens of 3D dogs, whom they can then adopt and nurture. In the first quarter of this year, Dogami distributed 12,000 dog NFTs.
“It’s all based on a really powerful background that defines where the Dogami come from,” Stoeckl said. “Dogami are not ordinary dogs; they are from outer space and have come to Earth for a specific reason.” They must locate the human with whom they will join, and once they have this magical relationship, they will regain their memories and recall their history and where they came from.”
Stoeckl believes that the rich tale devised by a veteran Marvel writer will provide Dogami with fodder for years to come. He wants the game to reach a broad audience, with the possibility of expanding into other forms of media such as comic books or movies.
DOGA House, a mobile game accessible to Dogami NFT customers on iOS and Android devices, was just introduced by the firm.
According to the firm, the average age of a Dogami player is 30.
DOGA, the Dogami universe’s money, is used for purchasing and selling NFTS and accessories, as well as engaging in events.
According to CoinMarketCap statistics, the DOGA cryptocurrency is down 96% from its all-time high of $0.41 in March of this year, and is now trading around $0.0147.
Stoeckl said that some of the cash raised would be used to launch the cryptocurrency on more exchanges.
“We already have two listings this week, Bittrex and Bitmart,” he added. “Right now, we’re talking to a couple additional top 10 exchanges, for which we’ll also require some funding.”
Dogami now uses the Tezos blockchain, but Stoeckl believes that in the future, the company may investigate wrapped tokens on other blockchains and cross-chain transactions.
Dogami teamed with fashion company GAP earlier this year to sell branded items to gamers.
Stoeckl said that the Dogami team is considering introducing two new agreements with businesses next year.
The development of the gaming world and new animations are also on the company’s plan, according to the statement. According to Stoeckl, the majority of the cash will be used for product development.
He noted that the current funding would provide the firm with around 21 months of runway.
In a statement, Guillaume Simonaire, principal at Bpifrance, said, “Bpifrance is delighted to support Dogami, an emblematic player in the Web3 ecosystem, in its next stage of development.” “In less than a year, the teams have built a powerful and committed community of over 200,000 people, paving the way for a global IP. With the release of the mobile game in early December, NFT owners will be able to experience the full power and functionality of their virtual pet.”
