Startup profile · funding coverage
Sky Mavis funding, valuation and investors
Developer of Axie Infinity game and Ronin blockchain for Web3 gaming.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series C
$150M · April 2022
Latest known valuation
~$3B
Series B · October 2021
Total disclosed equity funding
$302M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
series b · Ho Chi Minh City, Vietnam
Investors in latest funding
Lead: Binance
Overview
Sky Mavis created Axie Infinity, a blockchain-based game where players breed and battle NFT creatures, and Ronin, an Ethereum sidechain optimized for gaming transactions. Founded in Vietnam, the company became a symbol of play-to-earn gaming during the 2021 crypto boom before the March 2022 Ronin bridge hack ($625M). Andreessen Horowitz led a $152M Series B in October 2021; Binance led a $150M recapitalization in April 2022 after the exploit.
Why Sky Mavis is interesting
Sky Mavis pioneered play-to-earn at scale in Southeast Asia — a16z led $152M Series B before Ronin bridge exploit and Binance-led recap.
Product & use cases
Axie Infinity is a play-to-earn game with NFT Axies; Ronin is Sky Mavis's EVM-compatible sidechain handling in-game transactions with lower fees than Ethereum mainnet.
- Play-to-earn gaming in emerging markets
- NFT game asset trading
- Ronin chain for Web3 game developers
- Community-driven game economies
Key facts
- Series B (Oct 2021): $152M led by a16z at ~$3B — The Block
- Series C (Apr 2022): $150M led by Binance post-Ronin hack — Axie blog
- Ronin bridge exploit (Mar 2022): ~$625M stolen — major industry event
- Axie Infinity play-to-earn pioneer in Southeast Asia
Funding history (newest first)
Series C
2022-04 $150M- Binance (lead)
Source: https://axieinfinity.com/news/binance-leads-150m-round/
Series B
2021-10 $152M Valuation: ~$3BSource: https://www.theblock.co/post/119521/axie-infinity-nft-series-b-funding-a16z
Investors in our directory
Funds linked from Sky Mavis's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: First-mover play-to-earn scale in Philippines/Vietnam with owned chain (Ronin) — before exploit damaged trust.
Play-to-earn collapsed after 2022 crypto winter and Ronin hack. Sky Mavis pivoted toward core gaming and Ronin ecosystem rebuild. a16z Series B bet on NFT gaming at peak; Binance recap was damage control.
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Immutable direct
Web3 gaming infrastructure and Gods Unchained; zk rollup focus.
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Epic / traditional gaming incumbent
AAA gaming without crypto economics.
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Stepn / move-to-earn apps adjacent
Similar tokenized gaming models with shorter lifecycles.
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Ronin alternatives (Polygon) adjacent
Other gaming-focused L2/sidechains.
Notable stories
- Axie Infinity employed thousands in the Philippines during 2021 play-to-earn peak — then token collapse and Ronin hack ended the economic model for many players.
- a16z's $152M Series B at ~$3B was among the largest NFT gaming rounds before the sector retrenched.
Industries
FAQs about Sky Mavis
Practical answers founders, operators, and investors typically search for.
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