- Kandle beats funding winter by closing a successful seed round.
- VCs around the globe are warming up to the web3 industry.
The seed funding round was led by Saama, with participation from PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Mr. Sumit Gupta (CEO- CoinDCX), amongst other individual investors in the gaming and financial services industry.
Kandle.xyz offers innovative fantasy games using crypto coins, where players compete to win rewards. Kandle.xyz plans to release its project roadmap on token issuance, token utility, and a Play-and-Win model that looks promising to reimagine the Play-to-Earn ecosystem.
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 further 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.”
Mr. 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.”
Mr. 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.”
Kandle has already garnered a significant following among early adopters who seek an alternative to the volatile world of crypto trading. Over the past months, the platform successfully completed beta testing, attracting a staggering 80,000+ players during its soft launch.
Kandle has launched exciting games ranging from Crypto Fantasy Leagues to Play-2-Earn format. There are more exciting games in its product roadmap based on user feedback. An industry first, Kandle is at the cusp of crypto trading skills and fantasy gaming.
About Kandle
Kandle, a revolutionary gameFi platform aims to empower the existing and next billion crypto traders globally by introducing fantasy gaming to crypto. Designed exclusively for crypto natives and gaming enthusiasts, Kandle blends the world of crypto coins and the immersive thrill of gaming, thus offering a diverse array of fantasy leagues and challenging skill-based prediction contests to fuel your competitive spirit. Embrace a new era of fun and enjoyable crypto fantasy gaming. For more info, visit kandle.xyz
About Saama
Saama is an early-stage, sector-agnostic, India-focused venture capital firm investing since 2006. The Saama team is currently investing out of its fifth fund and has built significant knowledge in several sectors, including consumer-focused companies, financial services/fintech, and SaaS. Previously, Saama has backed several leading companies, including Paytm, Snapdeal, Sula Wines, Veeba Foods, Chai Point, EazyDiner, The Moms Co., Lendingkart, Vistaar Financial Services, Fisdom, Mezi, Zeni, and Beans.ai. For more info, visit, https://saama.vc/
About CoinDCX
CoinDCX is India’s largest and safest cryptocurrency exchange and the top liquidity aggregator in the world. The exchange has instant deposit and withdrawal facilities. The versatile wallet structure provides the best fee structure in the industry. Established in 2018, the exchange is today deemed by many market participants as India’s most trustworthy cryptocurrency exchange. For more info, visit https://coindcx.com/
About PointOne capital
PointOne Capital is a VC fund investing in pre-seed and seed-stage tech startups. PointOne has invested in 60+ startups, is traction agnostic, and prefers partnering with exciting businesses as early as possible with no revenue or product milestone benchmarks. PointOne Capital aims to plug the early-stage liquidity gap in the pre-seed market and provide active sector-specific expertise until a Series A round. For more information, visit https://pointone.capital/
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