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Moonveil Entertainment, a Cayman Islands-based web3 game studio, secured $5.4 million in a seed funding round from investors led by Gumi Cryptos Capital and Arcane Group.

The company announced the raise in a statement today. Other investors in the round included Longhash, IOSG and Infinity Ventures Crypto.

Moonveil, whose leadership team is made up of industry veterans formerly with Riot Games and Tencent, is currently developing Astrark, an immersive tower defense mobile game, and Project B, a multiplayer strategy game. It was set up in the fourth quarter of 2022 and has operated in stealth mode until today, the company told The Block.

“For gamers, we advocate for a pure meritocracy approach where they can always have the freedom to choose the games they want to play, without being restricted by platforms, channels, or equipment requirements,” it added in the statement.

Moonveil explained that gamers should receive compensation that reflects their contributions. “This contribution will be meticulously tracked alongside their identity in a flexible, composable, and immutable manner, accommodating various preferences, be it spending, grinding, or promoting. This is where we see tokenomics and NFTs playing pivotal roles in a player’s journey,” the company added.

Moonveil did not disclose a valuation as part of today’s announcement.

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