Web3 gaming studio Unagi secured $5 million in a seed round led by Sisu Game Ventures.

The raise, which closed at the start of this year, comes only months after the startup secured $4.2 million from Binance Labs. The total amount raised by Unagi is $12.3 million.

Investors in the seed round also include Sfermion, Signum Capital and 2B Ventures, the company said in a statement. The new raise doubled the startup's valuation, the company said without disclosing it.

With the new funds, Unagi is looking to almost double its team size from 25 people to 40, secure new partnerships and increase its marketing efforts. This recent fundraising round was mostly equity, compared to the prior round with Binance, which was a token round, Guillemot said.

(By Kari McMahon)

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