Sfermion joins an impressive group of seed round backers of Third Time Entertainment, creators of the blockchain-based virtual horse racing game Photo Finish™ LIVE, the Official Game of the Kentucky Derby
ORLANDO, Fla., Oct. 31, 2023 /PRNewswire-PRWeb/ -- Acclaimed game development studio Third Time Entertainment, the creators of the blockchain-based virtual horse racing game Photo Finish™ LIVE, is proud to announce the successful conclusion of a $2 million Seed plus round of investments, with the most recent raise led by the multi-strategy investment firm Sfermion and accompanied by Reciprocal Ventures, Big Brain Holdings, 32-Bit Ventures, and 6th Man Ventures.
Third Time Entertainment's successful second round of seed funding is a sequel to its initial $3.5 million raise in March 2022, which featured investment partners such as London Venture Partners and Coinbase.
"We are incredibly grateful for the trust and support from our investors. This new round of funding only further validates and fuels our journey ahead," Third Time Entertainment Founder and CEO Ian Cummings said upon the announcement.
"The last year has been a challenging environment for fundraising, to say the least. Finding an amazing group of investors like this in a rough market validates our team and products to the rest of the world. Being oversubscribed, we are even looking to get back on the trail for a larger round in short order."
The Official Game of the Kentucky Derby
Driving this successful seed round is the unprecedented success of Photo Finish™ LIVE, the Solana blockchain-based virtual horse racing simulator that enables players to earn real money rewards within a virtual horse racing ecosystem that mirrors that of its real-life counterpart, down to horse genealogy, characteristics, and life cycles.
Just days before its April launch, Third Time Entertainment secured a massive partnership deal with the iconic home of the Kentucky Derby, Churchill Downs. This groundbreaking partnership made Photo Finish™ LIVE the Official Game of the Kentucky Derby and the exclusive host of a monthly Virtual Kentucky Derby event.
Photo Finish™ LIVE: By the Numbers
Since its inception, the platform has overseen tens of thousands of races, featuring numerous distinctive racehorses owned by stable owners from across the globe who engage in daily competitions for real money prizes.
Since the game's late-April launch, the platform has amassed more than $4 million through virtual horse sales within its in-game marketplace and an added $3.5 million generated from entry fees. In addition, players have spent over $1.3 million breeding their virtual horses in hopes of creating the next Virtual Kentucky Derby champion.
Sfermion Adds Strength, Sees Long-Term Potential
The vote of confidence from leading venture capital firms such as Sfermion, Reciprocal Ventures, and Big Brain Holdings signals a strong belief in Third Time's long-term potential.
"The staggering success of Photo Finish™ LIVE is a testament to what Third Time Games is capable of," said Sfermion Managing Partner Andrew Steinwold. "What they have built has set the standard, and we couldn't be happier to be involved."
With a new infusion of capital amid solid industry tailwinds, Third Time Entertainment plans to expand its product offerings, scale its team, and explore strategic partnerships to continue providing unparalleled gaming experiences.
"This is just the beginning. With the support of our investors and the community, we're gearing up for an exciting journey ahead," added CEO Ian Cummings.
For more information, please get in touch with Third Time Entertainment Head of Content Ryan Yousefi at [email protected]
About Third Time Entertainment
Established in 2015, Third Time Entertainment is a pioneering game development studio based in Orlando, FL, known for its involvement in the Web3 gaming revolution. In April, the studio launched its eagerly anticipated blockchain virtual horse racing game, Photo Finish LIVE, the Official Game of the Kentucky Derby. The founders of Third Time have over 45 years of combined experience in the gaming industry, with senior leadership roles at prominent companies like Electronic Arts (EA) Sports, Zynga, Row Sham Bow, Glu Mobile, and FanDuel. They have led teams that created well-known games such as Madden NFL, NCAA Football, Tiger Woods Golf, and NASCAR experiences under EA Sports. Third Time's debut mobile game, Photo Finish Horse Racing, achieved great success with 13 million downloads since its 2015 launch. In 2018, they released the acclaimed Horse Racing Manager game.
About Sfermion
Founded in 2019, Sfermion is an investment firm focused on the immersive internet. Sfermion's goal is to accelerate the emergence of the metaverse by investing in the founders, companies, and entities, creating the infrastructure and environments that will form the foundations of our digital future. By leveraging a multi-strategy approach, domain expertise and vast network, the firm aims to capitalize on the influx of innovation and resources deployed into this emerging sector.
About Reciprocal Ventures
Reciprocal Ventures is a New York City-based early-stage venture capital firm focused on investing in the enterprise FinTech sector. Reciprocal is known for investing in visionary entrepreneurs and uniquely qualified teams obsessed with driving innovation in financial services.
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Media Contact
Ryan Yousefi, Talk Media, 1 9549187545, [email protected]
SOURCE Third Time Entertainment
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