Mythical Games’ Paradoxical Rise

Mythical, Inc. (DBA: Mythical Games) is a next-generation game technology studio creating new gaming economies driven by player ownership. It is also a component in the Prime Unicorn Index benchmark, the standard bearer for private markets benchmarking.

In November 2021, Mythical raised $150 million in a Series C Preferred round led by a16z, D1 Capital Partners, Binance, FTX, and others, which valued the Company at roughly $1.1 billion on a post-money valuation basis at a preferred price per share of $10.77. The company recently raised $37 million in a down round led by Scytale Digital with participation from ARK Invest, Stanford Athletics, a16z, and others. On June 16, 2023, Mythical authorized a Series C-1 preferred round at $8.28 per share, which kept the company’s valuation at nearly $1.1 billion. 

According to the Mythical’s CEO, John Linden, this capital will be used to push the company toward profitability by the end of 2023. It plans to launch a new marketplace, among other initiatives. In addition, its newly launched mobile game NFL Rivals has hit over one million downloads and $1 million in daily transactions. The company expects to raise additional funds in the coming months. 

However, it does not appear that it has been all smooth sailing, as implied by Linden. Following the raise announcement, reports came that Mythical has only raised half its target and will hold its third round of layoffs since November 2022.

Mythical is also suing three former executives for allegedly raising capital for their new firm, Fenix Games, while still employed with Mythical. According to the company, the trio raised $150 million for their new company, Fenix, while being simultaneously tasked with raising money for their employer, Mythical.

Mythical’s native token, MYTH, is down 87.82% from its all-time high in November 2022, days after its launch. To make matters worse, many employees receive a significant allocation of MYTH as an incentive. 

See how Mythical has performed against the Prime Unicorn Index below.