Circle of Games raises $1M from Nazara Technologies, The Hashgraph Association

Circle of Games (COG), a Web3 multi-gaming platform, has raised $1 million in equity funding led by Nazara Technologies FZ LLC, a wholly-owned subsidiary of Nazara Technologies Limited, and The Hashgraph Association, a Swiss-based organization.

According to the startup, The funding will accelerate its market entry strategies and enhance platform capabilities.

Expanding presence globally

Founded by Rabilal Thapa (CEO), Rajeeb VC (CTO), and Rohit Tiwari (CMO),  COG Holdings Global Limited is engaged in the business of casual, hyper-casual and skilled base games development and offering these games through its Multi-Gaming Platform to global users, integrating blockchain technology.

With this round of funding, Circle of Games aims to bolster its presence globally in key markets, including the US, European Union, Middle East, Africa, and Asia. The startup aims to enhance the user experience on its platform and increase its game offerings from six to more than ten by the fourth quarter of 2024.

Strategic guidance and technological support from investors

Apart from investment, The startup will also receive strategic guidance and technological support from Nazara Technologies, providing access to an extensive network to fuel its growth.

The Hashgraph Association will offer COG access to their vast collections of games, ecosystems, and substantial user base, leveraging Hedera's distributed ledger technology. This collaboration is expected to significantly enhance COG’s technological capabilities and market reach.

Plans to launch a native token

As part of the funding arrangement, Nazara Technologies, through its Dubai subsidiary Nazara Dubai, will invest up to $500,000, payable in cash, one or more tranches, by way of primary infusion in 1,273 Class A1 Preferred Shares (representing 5% share capital) of COG.

In addition, Nazara Dubai will also receive of 891 Class A1 Preferred Shares (representing 3.5% share capital) of COG as Advisory Shares, resulting in the acquisition of a total of 2,164 Class A1 Preferred Shares (representing 8.5% share capital) of COG.

COG also plans to launch its native token, $COG Token, by the end of Q2 2024, further expanding its engagement and reward mechanisms for users.