Avocado DAO Completes $18m Series A | Co Led by Animoca Brands and QCP Soteria Nodes
When Avocado DAO joined the metaverse in July 2021, we had a vision to become the leading GameFi provider in the NFT gaming universe and to deliver life-changing opportunities to millions. Today, we are one step closer to that dream.
We are thrilled to announce we’ve just closed an US$18 million Series A private funding round that gives Avocado DAO a post-money valuation of US$218 million! The funding round has been led by a cohort of renowned investors that include Animoca Brands and QCP Soteria Node (QSN).
“The team at Avocado DAO was one of the earliest proponents of GameFi in worlds like Axie Infinity and REVV Racing. We are thrilled to support Avocado DAO’s vision to grow and onboard players, especially from non-crypto audiences, to join the future of gaming that is being ushered in by Web3 and the metaverse.”
Yat Siu, the Executive Chairman and Co-founder of Animoca Brands,
What is GameFi and why is it important?
If you haven’t heard of GameFi, it refers to a type of online gaming where players may earn cryptocurrency, which can then be converted into fiat currency. Avocado DAO operates by lending the necessary NFT assets needed for entry into GameFi. Players who borrow these NFT assets from guilds are known as scholars. Under this lending model, the scholars can avoid hefty up-front payments, and in exchange they are paid according to a shared revenue model.
Already there are a wide range of GameFi in the market. To provide rewarding opportunities in these games, Avocado DAO has partnered with Axie Infinity, Thetan Arena, Elpis Battle, Big Time Games, Cyball, Sipher and Revv Racing.
GameFi has proved especially popular in developing markets, such as the Philippines, where players can earn a meaningful addition to their daily income. Over the course of the pandemic, when household earnings have taken a hit, platforms like Avocado DAO have offered a lifeline to many.
Take Ralph, for example. A single father raising two daughters in the Philippines, he was able to make a sizable addition to his daily income by playing web3 games on Avocado DAO. Elsewhere, with the earnings Avocado DAO member Taki was able to make, he built himself a new house. Taki is now encouraging other villager members to join Avocado DAO to become fellow “Avocadians.”
We are proud to have already positively changed the lives of so many of our scholars through the power of GameFi and NFT lending and we look forward to supporting many more!”
- Brendan Wong, CEO and Co-Founder, Avocado DAO
Improving the lives of our 8,000+ community members is fundamental to what we do at Avocado DAO, and, from our website, you’ll see many wonderful stories of Avocadians using their earnings to make new purchases or provide for loved ones.
But GameFi isn’t just about the money. GameFi provides a space for communities of like-minded individuals to come together as “guilds” to socialize and play.
GameFi also helps players build a basic but important understanding of blockchain and cryptocurrencies, enabling them to successfully navigate decentralized finance (DeFi) and the metaverse.
Our plans for the future of GameFi
The capital raised by Avocado DAO in the series A funding round will be used to continue our mission of supporting growth of the GameFi ecosystem and improving the lives of our scholars. In particular, we intend to use the money to:
- Supporting more GameFi projects and provide more opportunities to gain rewards for our community
- Develop solutions to assist in the management of our guild and be ready to scale
- Help pave the way towards turning the Avocado DAO into a decentralised autonomous organisation (DAO) meaning Avocado DAO would be owned by its community of scholars and token holders who would have control its future role and strategy in the metaverse.
- Grow our presence in popular web3 game Axie Infinity while also investing in NFTs for other games.
Helping our Avocadians
At the heart of all improvements and opportunities offered by Avocado DAO is an effort to deliver value to our community.
We offer this through a number of means. Firstly, we empower our “scholars” and “leaders” to become Avocado DAO “managers” in order to manage their own scholarship programs and generate further income.
Recognizing the potential of GameFi to promote awareness of decentralized finance, we’ve also developed an education-led platform to help our members learn about cryptocurrency and DeFi. We also partner with educational institutions to promote offline learning about opportunities provided through blockchain technology and decentralized finance.
Finally, we’re also committed to providing offline help to our members by funding new schools and offering disaster relief support to our members’ local communities.
A bright future ahead
The GameFi sector has grown rapidly over recent years, and in particular over the course of the pandemic, as gamers have been enticed by GameFi’s unique combination of entertainment, education and earning-potential.
At Avocado DAO, we believe it will be only a matter of time before GameFi enters the mainstream of gaming. Already, giants of the industry, such as Ubisoft and Electronic Arts, are beginning to venture into the space.
“Our vision for Avocado DAO is to be a leading provider of GameFi and blockchain powered opportunities in the current metaverse revolution.”
- Brendan Wong, CEO and Co-Founder, Avocado DAO
We welcome new guild-based competition into the GameFi and NFT lending space, because we recognize the positive social value each of them can bring to the lives of players and their families.
Meanwhile, we shall continue to strengthen our infrastructure and innovate for the future. At the same time, we’ll continue to build our brand and nurture our community around Avocado DAO’s guiding principles of enrichment, education, and empowerment.
We’re certain that GameFi has a bright future, and with 9,000+ scholars, 50,000+ discord community members, and a company valuation over US$218 million, it seems we’re not the only ones to share that optimism.