UnCaged Studios, a web3-focused gaming studio, has raised a $24M Series A, following a $4M token presale for its Solana-focused game MonkeyLeague
UnCaged Studios, a web3-focused gaming studio, has raised $24 million in a Series A equity funding round to continue growing the crypto gaming industry.
Context & Ripple Effects
UnCaged Studios' round lands mid-wave of web3 gaming Series As: Faraway took $21M to bring Solana into Mini Royale, Magic Eden raised $27M partly to build a gaming vertical on Solana, and N3TWORK Studios pulled $46M for NFT-enabled mobile games — all within roughly a year. What distinguishes UnCaged is the dual-track structure: a $4M token presale for MonkeyLeague stacked on top of the $24M equity round.
First-order effects
- UnCaged now has both development capital and a pre-sold token holder base for MonkeyLeague, meaning the game launches with an invested community whose incentives are tied to the asset rather than the gameplay.
Second-order effects
- On Solana specifically, UnCaged competes directly with Faraway's Mini Royale for players while Magic Eden's new gaming vertical becomes a natural distribution shelf — the chain's gaming stack is filling in studio-by-studio.
Third-order effects
- If the token-presale-plus-equity template keeps producing rounds at this size, web3 studios will keep decoupling fundraising from publisher gatekeeping — though it leaves them exposed on both sides when either crypto markets or player interest turns.
The trend: Web3 game studios are standardizing on hybrid token-and-equity raises, with Solana emerging as one of the default chains for the category.