Decentralized gaming network KGeN raises $10 million funding, valuation hits $500 million

Kratos Gamer Network (KGeN), a decentralized gaming network, has raised $10 million in an ecosystem funding round led by blockchain developer Aptos Labs.

The round also saw participation from blockchain firm Polygon and Web3 gaming network Game7. The investment boosts KGeN's valuation to $500 million, marking a significant leap from its earlier valuation of $150 million in February 2023.

Scaling for global growth

Founded by Manish Agarwal, former CEO of Nazara Technologies, and Ishank Gupta in early 2023, KGeN has now raised a total of $30 million.

The latest funds will drive the expansion of its platform, enhance gamer rewards, and improve data capabilities. KGeN aims to create a decentralized ecosystem where gamers can own and monetize their data.

Agarwal highlighted the firm’s innovative approach, comparing KGeN to a decentralized "Facebook" for gaming communities.

The company claims to have onboarded 10.8 million users, including 3.3 million monthly active users, from key markets such as India, Brazil, and Nigeria. Emerging markets like the Middle East are next in line for expansion, targeting high-value gamers.

Redefining gamer engagement

KGeN uses its proprietary Proof of Gamer (POG) Engine, which captures gamer attributes and reputation data to allow players to build and monetize their profiles.

This approach aims to reduce customer acquisition costs by 30-60% for gaming companies, offering a competitive alternative to traditional platforms like Meta and Google.

Revenue and future plans

With an annualized revenue run rate of $12.1 million as of October 2024, KGeN projects to achieve $25 million next year.

The company collaborates with over 180 gaming firms, supporting user acquisition and boosting return on investment. The latest funding underscores investor confidence in the future of decentralized gaming and KGeN's vision of a fairer, gamer-centric ecosystem.

KGeN’s integration of Web2 and Web3 ecosystems positions it as a leader in the growing Web3 gaming sector, paving the way for greater innovation and gamer empowerment worldwide.