Web3 TCG Parallel Raises $35M To Fund Game Expansion

Blockchain-based game studio Parallel has closed a $35 million funding round to expand their eponymous web3 trading card game (TCG) and other titles.

Big-name investors include VanEck, Distributed Global, and Solana Ventures, plus a raft of notable angels, including Solana co-founders Anatoly Yakovenko and Raj Gokal, Pudgy Penguins CEO Luca Netz and YGG co-founder Gabby Dizon.

This funding will support Parallel Studios’ expansion plans, particularly in broadening the reach of their titles across new platforms and mediums.

What is Parallel?

Parallel is a web3 TCG developed by Parallel Studios, utilising NFT-powered assets and play-to-earn incentives.

The game is set in a dystopian future where Earth has become uninhabitable due to a cataclysmic event known as “The Event” causing humanity to scatter across space, splitting into five factions: Earthen, Marcolian, Augencore, Kathari, and Shroud.

Players collect cards representing these factions and engage in head-to-head battles to fight for PRIME tokens, the utility currency of the Echelon ecosystem.

Parallel also offers various gameplay modes that cater to different styles of play, including The Ladder and Sectors, and features a rookie queue to provide a training ground for new players with customizable rookie decks.

What will this funding mean for Parallel?

This funding follows the recent launch of its open beta, which introduced a new card called Ghosan, Viper of Ceres, alongside gameplay adjustments and bug fixes.

Parallel Studios are using the funds for two main purposes. The first is to expand user acquisition efforts through the Parallel Ambassador program, influencer collaborations and advertising campaigns.

The second is to gear up to launch on platforms like the Epic Games Store and Steam, with mobile versions in consideration.

The studio is also working on Colony, an AI-powered survival simulation game built on Solana. Part of this funding will to go support the development of Wayfinder, an AI protocol with the goal to enhance user experiences in blockchain ecosystems.

Parallel Studios aims to release a beta version of Colony by the end of 2024, and is accelerating hiring to meet this development goal.

This additional $35 million brings Parallel’s total raised to $85 million, after a previous funding round led by Paradigm, now valuing the company at $500 million.

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