Immutable Systems Valuation, Funding & Investors
Immutable Systems is valued at $2.5B as of March 2022.
Last Immutable Systems valuation
$2.5B
Series C · Mar 2022
Last Immutable Systems funding round
$200M
Series C · Mar 2022
Cumulative funding Immutable Systems raised
$277M
across 4 funding rounds
Key investors in Immutable Systems
Temasek
Coinbase Ventures
Airtree Ventures
BITKRAFT Ventures
Prosus Ventures
CMT Digital
About Immutable Systems
Immutable Systems is a Sydney-based blockchain infrastructure provider for gaming. It delivers layer-2 scaling solutions on Ethereum for NFT-based video games like Gods Unchained. The platform processes millions of transactions daily, enabling true asset ownership in titles from GameStop and others. Immutable supports studios with SDKs and gods unchained marketplace.
Founded
2018
HQ
SydneyWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Valuation
$2.5B (Mar 2022)
Immutable Systems Valuation
Immutable Systems is currently valued at $2.5B, based on its Series C in March 2022.
The $200M round was led by Temasek.
Immutable Systems valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series C | $2.5B |
Immutable Systems Funding History
Immutable Systems has raised a total of $277M across 4 funding rounds.
Immutable Systems' first fundraising round was a $2M seed round in July 2018. The most recent completed round was a $200M Series C in March 2022.
Immutable Systems funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series C | Temasek (lead) | $200M | $2.5B | Immutable, a Sydney-based blockchain gaming company, develops Immutable X, a Layer 2 scaling solution for Ethereum NFTs offering zero gas fees, high scalability up to 9000 TPS, and carbon neutrality powered by StarkWare's StarkEx. The company also operates the Immutable Gaming Studio, producing flagship titles like Gods Unchained, a blockchain-based trading card game, and Guild of Guardians, a mobile RPG. On March 7, 2022, Immutable announced a $200 million Series C funding round led by Temasek Holdings, with participation from Animoca Brands, Tencent, ParaFi Capital, Mirae Asset, Princeville Capital, Arrington Capital, Liberty Global, and others including increased investments from King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures, and Alameda Research. The round valued Immutable at a post-money valuation of $2.5 billion, a six-fold increase from its prior $410 million valuation in 2021, marking it as one of Australia's fastest-growing unicorns. At the time, the company had a team of around 165-170 employees and planned to hire over 200 more globally in 2022, primarily in sales, marketing, engineering, and product roles, expanding staff to approximately 350. Funds were allocated for global expansion, scaling the Immutable X platform to meet demand from partners like GameStop, TikTok, Opensea, Illuvium, Ember Sword, GreenPark Sports, and Vee Friends, growing studio content to reach millions of players, acquiring new customers, entering new verticals, and pursuing M&A opportunities. Immutable had previously raised $60 million in a Series B round in September 2021 led by BITKRAFT Ventures and King River Capital. Earlier in 2022, it launched a $100 million joint fund with GameStop for blockchain gaming startups. The company, founded in 2018 by brothers James and Robbie Ferguson, positioned itself at the forefront of web3 gaming and NFTs, emphasizing user-friendly scalability for digital ownership. New C-suite hires included executives from Riot Games and Shutterfly to support aggressive growth plans. |
| Sep 2021 | Series B | BITKRAFT Ventures (lead); King River Capital (lead); Reinventure; Galaxy Interactive; APEX Capital; BlockBase Ventures; Fabric Ventures; CMT Digital; VaynerFund; Prosus Ventures; FTX; Airtree Ventures | $60M | - | Immutable Systems, known for its NFT-focused layer-2 scaling protocol Immutable X on Ethereum, raised $60 million in a Series B funding round on September 14, 2021, co-led by BITKRAFT Ventures and King River Capital, with participation from Airtree Ventures, APEX Capital, Fabric Ventures, FTX, Galaxy Interactive, Prosus Ventures, Reinventure, and VaynerFund, among others. The funding brought total capital raised to $77.5 million and was intended to strengthen partnerships with gaming companies, expand engineering and sales teams, and develop games like Gods Unchained and the upcoming mobile RPG Guild of Guardians. Immutable X leverages StarkWare's ZK-rollup technology for fast, low-cost transactions without gas fees, enabling scalable NFT trading and applications for games such as War Riders and Illuvium. The round highlighted growing momentum in blockchain gaming, with co-founder Robbie Ferguson noting poor mainstream NFT trading experiences due to high costs and illiquidity, positioning Immutable X as a solution for easy API-based NFT applications without blockchain programming. Investors like Bitkraft Ventures emphasized the protocol's role in broadening accessibility for blockchain game developers amid successes like Axie Infinity surpassing one million daily active users. Immutable continued expanding post-Series B, announcing C-suite hires and workforce growth plans from 170 to 350 employees, focusing on global partnerships, gaming advisory, and tripling product and engineering teams. The company powered high-profile NFT projects like TikTok's collection and maintained involvement with investors like King River Capital in later initiatives, such as the $100 million Inevitable Games Fund for web3 games alongside Polygon Labs. |
| Sep 2019 | Series A | EOS VC Fund (lead); Naspers (lead); Apex Capital Partners | $15M | - | Immutable Systems, a Sydney-based blockchain gaming studio founded in July 2018 by brothers James and Robbie Ferguson, raised $15 million in a Series A funding round on September 23, 2019. The round was led by EOS VC Fund and Naspers, with participation from Apex Capital Partners. The company develops Gods Unchained, a turn-based competitive collectible card game where players reduce opponents' life to zero using blockchain-based assets. Funds from the round supported development of Gods Unchained and creation of an open-source blockchain for developers to build immutable assets like weapons, skins, and cards. Immutable aimed to expand Gods Unchained's player base from 13,000 to one million. The game had generated over $4.5 million in profit within a year from its closed group of players, though this metric is not specified as revenue or ARR. |
| Jul 2018 | Seed | Nirvana Capital; Coinbase Ventures; Continue Capital; Sora Ventures | $2M | - | Immutable Systems raised $2.4 million in a seed funding round on July 18, 2018, led by investors including Coinbase Ventures, Continue Capital, Nirvana Capital, and Sora Ventures, along with Ryan Wyatt and High Naut Capital. The company, which makes virtual worlds real through blockchain technology, was formerly known as Fuel Games and founded in 2018 in Sydney, Australia. This early funding supported its initial development in the blockchain gaming sector. |
Who has invested in Immutable Systems?
20 investors have backed Immutable Systems across its funding rounds, including Temasek, Coinbase Ventures, Airtree Ventures, BITKRAFT Ventures, Prosus Ventures and CMT Digital.
Lead investors include Temasek, BITKRAFT Ventures, King River Capital, EOS VC Fund and Naspers.
Immutable Systems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 1 | Lead | Mar 2022 | |
| Sydney | 1 | Participant | Sep 2021 | |
 Beijing | 1 | Participant | Jul 2018 | |
 New York City, NY | 1 | Participant | Sep 2021 | |
 Berlin | 1 | Participant | Sep 2021 | |
| San Francisco, CA | 1 | Participant | Jul 2018 | |
 George Town | 1 | Lead | Sep 2019 | |
 Ho Chi Minh City | 1 | Participant | Sep 2021 | |
 Cape Town | 1 | Lead | Sep 2019 | |
 London | 1 | Participant | Sep 2021 | |
| Sydney | 1 | Participant | Sep 2019 | |
| Sydney | 1 | Lead | Sep 2021 | |
| San Francisco, CA | 1 | Participant | Jul 2018 | |
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Start Free TrialInvestments by Immutable Systems
Immutable Systems has invested in 5 companies to date.
Latest investment by Immutable Systems was on August 20th 2025. Immutable Systems invested in OVERTAKE in their $7M Series A round.
Latest Investments by Immutable Systems
| Description | - | Planetarium Labs is a Seoul-based Web3 gaming studio building blockchain-powered ecosystems with Libplanet, an open-source library integrated into Unity for serverless multiplayer networking. It develops Nine Chronicles, a decentralized MMORPG where players own assets via peer-to-peer blockchain updates. Launched in 2019, the studio hosts over 100,000 active wallets and partners with Binance for token launches. Planetarium expands through grants for third-party developers building on Libplanet across Asia and North America. | - | Arbelos Markets is a London-based electronic trading platform for fixed income and derivatives, offering direct access to interdealer brokers and liquidity providers. The system aggregates RFQ pricing and execution for government bonds, repos, and swaps across major currencies. Arbelos emphasizes low-latency connectivity and transparent order books for institutional clients. Launched in 2022, it connects to venues like Tradeweb and MarketAxess. | |
| HQ Country |  |  | | | |
| HQ City | - | Seoul | - | London | |
| Deal Date | 20 Aug 2025 | 25 Mar 2025 | 12 Jun 2024 | 8 May 2024 | |
| Round | Series A | Seed | Series A | Seed | |
| Raised | $7M | $3M | $15M | $28M | |
| Investors | Sui Foundation; ItemBay; ItemMania; Green Whale Ventures; JB Investment | Cristian Manea; Comma3 Ventures; Niels Jense de Ruiter; 32bit Ventures; Marblex; BreederDAO; Notch ventures; The Spartan Group | ParaFi Capital; Stateless Ventures; GD1; Amber Group; Tioga Capital Partners; King River Capital; LeadBlock Bitpanda Ventures; Greenfield; Lattice Fund; Electric Capital | Polygon Ventures; Dragonfly; FalconX; Chorus One; Circle Ventures; Room40 Ventures; Selini Capital; StarkWare Industries; Paxos; Deribit; Breed VC | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Immutable Systems Competitors
Immutable Systems competitors include listed companies like Sharplink and Securitize, and private ones like Sky Mavis, Gala Games, Wormhole and Paxos.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Singapore | Private | $1.3B | - | $1.9B | - | |
| Salt Lake City, UT | Private | - | - | $1.5B | - | |
| United States | Private | - | - | $2.5B | - | |
| New York City, NY | Private | - | - | $2.4B | - | |
| United States | Publicly listed | $28M | ($734M) | $1.8B | 39.9x | |
| United States | Publicly listed | $62M | ($34M) | $1.5B | 22.2x |
Immutable Systems Public Comps
Immutable Systems is still privately-owned, but its public comps include XD, NCsoft, YOOZOO Games, Hyperliquid Strategies, Alpha, Embracer Group, Sharplink, Paradox Interactive, Modern Times Group and Hangzhou Shunwang Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $859M | $262M | 2.0x | 1.8x | 6.6x | 6.1x | |||
| $1.1B | $368M | 1.7x | 1.1x | 5.0x | 5.5x | |||
| $209M | ($15M) | 9.2x | 9.0x | (126.6x) | 34.0x | |||
| $9M | - | 308.0x | 162.2x | - | - | |||
| $369M | $28M | 5.2x | - | 67.8x | - | |||
| $1.6B | $414M | 1.0x | 0.9x | 3.8x | 3.9x | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $224M | $99M | 7.1x | 6.9x | 16.1x | 11.3x | |||
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Common questions about Immutable Systems
| When was Immutable Systems founded? | Immutable Systems was founded in 2018. |
| Where is Immutable Systems headquartered? | Immutable Systems is headquartered in Sydney, Australia. |
| Is Immutable Systems publicly listed? | No, Immutable Systems is a private, VC-backed company. |
| What is Immutable Systems' valuation? | Immutable Systems was last valued at $2.5B in its Series C in March 2022. |
| How much funding has Immutable Systems raised? | Immutable Systems has raised $277M across 4 funding rounds. |
| What was Immutable Systems' last funding round? | Immutable Systems' last funding round was a $200M Series C in March 2022, led by Temasek. |
| Who are Immutable Systems' investors? | Immutable Systems' investors include Temasek, Reinventure, Nirvana Capital, Galaxy Interactive, APEX Capital, Coinbase Ventures, EOS VC Fund, BlockBase Ventures, Naspers, Fabric Ventures and 10 others. |
| Which companies are comparable to Immutable Systems? | Companies comparable to Immutable Systems include Sky Mavis, Gala Games, Wormhole, Paxos, Sharplink and Securitize. |
| How many companies has Immutable Systems invested in? | Immutable Systems has invested in 5 companies, including OVERTAKE, Planetarium, Layer3, Arbelos Markets and Eyeball Games. |
| What was Immutable Systems' last investment? | In August 2025, Immutable Systems invested in OVERTAKE's $7M Series A alongside Sui Foundation, ItemBay, ItemMania and 2 other investors. |
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