Blockchain video game studio, Blockade Games, has raised $5 million in a seed round extension valuing the company at $23 million

The capital raise was co-led by Animoca Brands and Digital, with additional investors including Redbeard Ventures’ Drew Austin, Galaxy Interactive, Flamingo DAO, and Keith Grossman, among others.

Blockade Games CEO, Marguerite de Courcelle said of the deal, “We’re thrilled by the support of so many investors and fellow entrepreneurs who believe in our mission…”

The additional $5 million in funding will allow Blockade to expand its operations through hiring, game development, strategic partnerships, and marketing.

Valuations of gaming startups, like Blockade, have been quickly rising. At its current $23 million valuation, early investors are hoping Blockade can turn into a multi-hundred-million-dollar company, which could lead to a 10X or better return.

The industry, as a whole, has been on fire, hitting new records for M&A, investment and public listings this year. But it’s the smaller companies in the space that have seen their valuations truly soar. With big players continuing their buyout sprees, these smaller companies could quickly become acquisition targets, leaving early investors in the envious position of quick multi-bagger returns.

While some investors have concentrated their capital on large players like EA, Tencent, Activision Blizzard and Take-Two, unicorn hunters have looked to smaller game developers and publishers for the big payday. And so far, this year (and likely well into the future) the unicorn hunters seem to have been right, as stocks in many of the big players have not performed nearly as well as the general market.

Read more about the Blockade Games raise, HERE

Or read more about potential unicorns, HERE