Kandle.xyz, a crypto fantasy GameFi project from Singapore, has raised $1.7 million in a seed funding round led by Saama.
The seed funding round was led by Saama, with participation from PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta (CEO- CoinDCX), amongst other individual investors in the gaming and financial services industry.
The funding will be used to develop the platform further and expand its user base, featuring their flagship product ‘Crypto Fantasy Leagues’ - a game that allows players to choose crypto coins as their battle tokens and face off against other players in a battle of the portfolios.
The company has established its presence in Indonesia, Vietnam, Nigeria, and India and plans to expand its footprint across Asia and North America.
In a statement expressing his excitement, Kandle's founder, Jaideep Yadav, said, "There is a massive opportunity at the intersection of gaming and crypto, and we're excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition. "
He added, “Instead of focusing on project tokens, we’ve taken the time to build a fully functioning sustainable gaming product based on sound gaming principles. By intermarrying gamification and web3 with a successful product trial, Kandle plans to integrate smart contracts to ensure that games are transparent, secure, and fair.”
Ash Lilani, Managing Partner at Saama – the lead investor in the seed round – expressed his enthusiasm, stating, "We were impressed by the innovative approach of the Kandle team in combining gaming and crypto. As the crypto industry continues to evolve, we must make it safe and free from the fear of outsized risk for the next tranche of users. Kandle’s gamified approach does exactly that – it offers a unique and timely tool for users to engage with crypto without taking direct exposure to any of the coins.”
Sumit Gupta, CEO of CoinDCX and an investor in Kandle, shared his confidence, stating, "I firmly believe that Kandle has the potential to emerge as a leading player in the crypto gaming industry, and I am excited to support their ongoing innovation and growth."
Speaking on the occasion, PointOne Capital’s GP, Mr. Mihir Jha, added, "Kandle not only has the potential to disrupt the traditional crypto trading industry, but they have also brought to market a new line of product that meets the needs of existing novice crypto traders and the next batch of web3.0 users. Super excited to be a part of their journey as Kandle soars to the moon.”
