Third Time Entertainment Closes $2M Seed Plus Funding Round

Third Time Entertainment, an Orlando, FL-based game development studio, closed a $2m Seed plus round of funding.

The most recent raise was led by the multi-strategy investment firm Sfermion and accompanied by Reciprocal Ventures, Big Brain Holdings, 32-Bit Ventures, and 6th Man Ventures. Third Time Entertainment’s second round of seed funding is a sequel to its initial $3.5m raise in March 2022, which featured investment partners such as London Venture Partners and Coinbase.

The company intends to use the funds to expand its product offerings, scale its team, and explore strategic partnerships.

Led by Founder and CEO Ian Cummings, Third Time Entertainment created the blockchain-based virtual horse racing game Photo Finish™ LIVE. The Solana blockchain-based virtual horse racing simulator enables players to earn real money rewards within a virtual horse racing ecosystem that mirrors that of its real-life counterpart, down to horse genealogy, characteristics, and life cycles.

Just days before its April launch, Third Time Entertainment secured a partnership deal with the iconic home of the Kentucky Derby, Churchill Downs. This partnership made Photo Finish™ LIVE the Official Game of the Kentucky Derby and the exclusive host of a monthly Virtual Kentucky Derby event.

Since the game’s late-April launch, the platform has amassed more than $4 million through virtual horse sales within its in-game marketplace and an added $3.5 million generated from entry fees. In addition, players have spent over $1.3 million breeding their virtual horses in hopes of creating the next Virtual Kentucky Derby champion.