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Sky Mavis announced a $152 million Series B on October 5, 2021, to expand Axie Infinity and its Ronin blockchain infrastructure. The company named growth and infrastructure priorities, but did not state a valuation in its announcement. Participating investor Konvoy later described the round as having a $3 billion pre-money valuation.
What Sky Mavis announced
The October 5, 2021, financing was a $152 million Series B for Sky Mavis, the company behind Axie Infinity and Ronin. The amount is the size of the investment round; it is distinct from the company’s valuation. Sky Mavis’s announcement said the funding would support the growth of Axie Infinity and Ronin.
Who invested, and what did the valuation mean?
Andreessen Horowitz (a16z) led the round, with Accel and Paradigm among the participating investors, according to contemporaneous coverage and Konvoy’s account of its participation. The Block reported that the Series B followed a $7.5 million funding round earlier in 2021.
Konvoy described the Series B as being raised at a $3 billion pre-money valuation. Pre-money means the company’s stated value before the new investment is added; it is not the same figure as the $152 million raised. The $3 billion figure comes from Konvoy’s investor account, not Sky Mavis’s announcement.
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What Sky Mavis said it would do with the money
The company said it planned to scale infrastructure, hire, continue growing Axie Infinity and Ronin, and build a distribution platform for NFT-enabled games. At the time, Axie Infinity used NFTs called Axies, which players could breed, battle, and trade.
Sky Mavis’s announcement also described a roadmap that included Axie: Origin, a Ronin decentralized exchange, Project K, and experiences from outside developers. These were plans stated in 2021, not confirmation that every item later shipped as described.
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How large was Axie Infinity and Ronin at the time?
Sky Mavis reported more than 2 million daily active players in its October 2021 announcement, up from 38,000 in April 2021. The company also cited $2.2 billion in marketplace trading volume, more than 2 million Ronin wallets, and $4.5 billion in Ronin total value locked. These are company-reported figures for that period, not current statistics.
Separately, The Block reported more than 1.8 million daily active users in August 2021. That earlier report uses “users” and a different date, so it should not be treated as the same measurement as Sky Mavis’s October player figure.
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Why the funding mattered to the company’s strategy
Sky Mavis framed Axie Infinity around players owning in-game assets rather than leaving control and most benefits with game publishers and platforms. CEO Trung Nguyen told The Block the company aimed to create “economic freedom for gamers” by turning players into owners of in-game assets. That was the company’s stated rationale for its model, not a guarantee of income or investment returns for players.
The broader funding plan linked the game to Ronin and a proposed distribution platform for NFT-enabled games. In 2022, Google Cloud said it had been Sky Mavis’s strategic cloud provider since 2020 and described cloud services supporting Ronin, Axie Infinity, and Mavis Hub. That later partnership provides infrastructure context, but it does not change the terms of the 2021 financing.
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