Dogami, which is a Web 3.0 game that allows players to adopt and raise virtual dogs, has raised $7 million in an expansion round.
The fundraising was kicked off in a big way by European venture capital firm XAnge. Other backers include Bpifance, Blockchain Founders Fund and Wagram Capital, according to a company statement.
The funding round closed at the end of November, as stated by CEO and co-founder Max Stoeckl. Previously, Dogami raised $6 million in a seed round with support from investors from companies including Ubisoft, Animoca Brands, Tezos and GSR, with the new seed round offering $14 million in overall capital.
Founded more than a year ago, Dogami allows participants to buy NFT tokens of 3D dogs, which can be adopted and bred. Dogami made an initial deposit of more than twelve thousand dog NFTs in the first quarter of this year. Stoeckl said the whole story of the startup is rooted in the concept of dogs from outer space arriving on earth with a purpose.
The highly complex plot developed by the former Marvel writer will keep Dogami producing content for several years. Stoeckl also plans to bring the game to a wider audience with the possibility of expanding its media subsidiaries such as comics and videos. Recently, the startup unveiled DOGA House, a mobile game available to everyone.
Dogami World also features its own native currency called DOGA, which can be used for buying and selling NFTs and accessories as well as attending events. The DOGA token has plunged 96% from its all-time high of $0.41 in March this year. It currently trades at $0.0147 according to CoinMarketCap data.
This early investment allowed DOGAMI to trade twelve thousand NFT dog avatars and accessories in partnership with the famous GAP brand. The company has experienced a meteoric rise, with DOGAMI building one of the most dedicated Web3 communities with over twenty thousand dog lovers. The team has forty employees and very recently launched the first mobile application called “Dog House“, which is selectively available to people who own Dogami NFTs.
Fifteen Dogami breeds have been launched so far, including popular names like Shiba Inu, Corgi and Australian Shepherd. The new breeds will also be disclosed in 2023. A creative breeding facility will allow Dogami owners to breed new virtual companions. DOGAMI allows its community members to breed up to one hundred thousand Dogami exclusive NFTs by 2023.