CryptoKitties, one of the first successful blockchain-based virtual game, has raised $12 million from investors.
The investment is led by Andreessen Horowitz and Union Square Ventures, two of the world’s top venture capital firms who have also backed companies like Facebook (NASDAQ: FB), Twitter (NYSE: TWTR), and Coinbase, the project said in a blog post on Medium.
"We're super excited about the potential of CryptoKitties and crypto-collectables," Roham Gharegozlou, CEO of both Axiom Zen and Cryptokitties, told Business Insider.
Gharegozlou said he has about 20 employees focusing on the kitties and plans to use the funds to grow his team, including by adding roles for artists and content creators.
CryptoKitties, which is based on the Ethereum (ETH/USD) blockchain, lets users buy collectible digital kitties in exchange for Ether, the cryptocurrency on the Ethereum blockchain.
Users can buy and "breed" digital cats and sell them on a marketplace for more ether. The most expensive cats on the marketplace are priced around $55.8 million.