Philippine NFT-Generating Startup BreederDAO Bags P513 Million in Series A Funding
Philippine-based and Filipino-led NFT generator BreederDAO has just raised $10 million (about P513 million) from its latest funding round. Founded only a few months ago in 2021, the startup has already proceeded to its Series A stage, which was co-led by Andreessen Horowitz (a16z) and Delphi Digital, along with Hashed, com2us, Morningstar Ventures, Mechanism Capital, Sfermion, The LAO, Emfarsis, and more.
BreederDAO is the newest player in the rising play-to-earn ecosystem. While not a play-to-earn game itself, BreederDAO defines its startup as the “NFT asset factory of blockchain games.” As a specialist manufacturer of digital assets, BreederDAO will soon provide the in-demand NFTs to popular guilds in the Metaverse, which will, in turn, bolster the play-to-earn economy. The blockchain games in question include Axie Infinity, Sipher, Cyball, and Crabada.
According to the data 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 its CEO Renz Chong, COO Jeth Ang, and CTO Nicolo Odulio. Its team of advisors includes Gabby Dixon, the founder of Yield Guild Games; Piers Kicks, founding partner at Delphi Ventures; Do Kwon, the founder of Terra; and Ryan Wyatt, the global head of gaming at YouTube.
According to a16z general partner Arianna Simpson, “(BreederDAO) is at the forefront of the metaverse and mastering its economics.”
This is not the first time a16z has invested in the Philippines. The web3-focused American venture capital firm invested $4.6 million (P235 million) in Yield Guild Games in mid-2021.