Metatheory Raises $24M in Series A Funding


Metatheory, a San Francisco, CA-based technology-driven entertainment company, raised $24m in Series A funding.

The round was led by Andreessen Horowitz, with participation from Pantera Capital, FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research.

Founded by Twitch co-founder Kevin Lin, Metatheory is focused on building Web3 games and virtual worlds imagined across innovative new story franchise IPs. Its first game franchise DuskBreakers, which was released in December 2021 with world art designed by Geersart, former Lead Illustrator at Twitch, is a sci-fi inspired metaverse and gaming experience powered by blockchain. DuskBreakers launched with a free-to-play “Play-to-Mint” game that led to a sellout of 10,000 NFTS (the Genesis DuskBreakers) in six days. The genesis NFTs each represent one of the first 10,000 recruited “Breakers” who spend their days exploring a massive, dormant alien spaceship – “The Dusk” – hovering above the earth. On the Dusk, Breakers seek valuable “Duskite” materials while fending off the extraterrestrial creatures roaming the ship. The choices the Breakers make as a community will change the course of history across an exciting new alternate universe, unfolding across NFTs, comics, animations, and video games. 

In January 2022, Metatheory released DuskBreakers second free-to-play minigame, “Beast Battler,” centered around boss battling in the same environment as the first minigame. Additional NFT drops, games and content are set to release throughout the year and beyond, with a full free-to-play game with Play-and-Earn mechanics scheduled for launch in Q4. 

Founding members include Art Director Darren Geers, COO Adam Bao, VP of Game Development Nick Fotheringam, VP of External Creative Nelson Wang, and three-time Emmy winner Bernie Su, who serves as Chief Content Officer. The team of 40+ employees consists of industry veterans ranging from artists, writers, producers, game developers, engineers, and seasoned community developers.