Sky Mavis Revenue, Valuation, Funding & Investors
Sky Mavis is valued at $1.9B as of April 2022.
Last Sky Mavis valuation
$1.9B
Series C · Apr 2022
Last Sky Mavis funding round
$150M
Series C · Apr 2022
Sky Mavis revenue
$1.3B
Series B · Oct 2021
Key investors in Sky Mavis
Andreessen Horowitz
Animoca Brands
500 Global
Accel
Hashed
Paradigm
About Sky Mavis
Sky Mavis is a Ho Chi Minh City-headquartered blockchain gaming studio behind Axie Infinity, a play-to-earn game with over 2.5 million daily active users on Ronin sidechain. The company develops NFT marketplaces, decentralized wallets, and metaverse tools using Ethereum-compatible infrastructure, enabling token economies with AXS and SLP assets. Founded in 2018 by Vietnamese entrepreneurs, Sky Mavis raised strategic investments from Andreessen Horowitz and has expanded to web3 titles like Pixels on mobile platforms.
Founded
2019
HQ
SingaporeWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$1.3B (Oct 2021)
Valuation
$1.9B (Apr 2022)
Sky Mavis Valuation
Sky Mavis is currently valued at $1.9B, based on its Series C in April 2022.
The $150M round was led by Binance, with participation from Animoca Brands, Andreessen Horowitz, Paradigm, Accel and Dialectic.
Sky Mavis' valuation has moved from $3B at its Series B in October 2021 to $1.9B in April 2022, across 2 priced rounds.
Sky Mavis valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2022 | Series C | $1.9B | - |
| Oct 2021 | Series B | $3B | 2.3x |
Sky Mavis Revenue
Sky Mavis' latest recorded revenue is $1.3B, as of its Series B in October 2021. At a $3B valuation, that implies a 2.3x revenue multiple.
Sky Mavis revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2021 | $1.3B | $3B | 2.3x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Sky Mavis Funding History
Sky Mavis has raised a total of $311M across 4 funding rounds.
Sky Mavis' first fundraising round was a $2M seed round in November 2019. The most recent completed round was a $150M Series C in April 2022.
Sky Mavis funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Series C | Binance (lead); Animoca Brands; Andreessen Horowitz; Paradigm; Accel; Dialectic | $150M | $1.9B | Sky Mavis, the Vietnamese studio behind the blockchain-based play-to-earn game Axie Infinity, raised a funding round announced on April 6, 2022, initially committed at $150 million and led by Binance, with participation from Animoca Brands, Andreessen Horowitz (a16z), Dialectic, Paradigm, and Accel. The funds were intended to reimburse users affected by the $625 million Ronin bridge hack in March 2022, where attackers compromised private keys of Ronin validator nodes controlled by Sky Mavis and Axie DAO. Combined with Sky Mavis's own balance sheet, the capital aimed to make all users whole after the largest crypto heist at the time, linked to North Korea actors. Sky Mavis later updated on July 17, 2022, that due to its strong financial position, it only drew down $11 million of the committed $150 million, using internal funds to fully reimburse users and refill the Ronin bridge. The company enhanced security by planning to increase validator nodes from nine to 21, distributing private keys among stakeholders, partners, and community members, and conducting internal and external audits. The Ronin bridge reopened on June 28, 2022, with Binance providing interim ETH liquidity support for Axie Infinity users. Binance CEO Changpeng Zhao emphasized the investment's role in supporting ecosystem security and growth, noting prior collaboration via Binance Launchpad. Sky Mavis committed to tracking stolen funds with law enforcement and exchanges, while some assets were laundered through Tornado Cash. |
| Oct 2021 | Series B | Andreessen Horowitz (lead) | $152M | $3B | Sky Mavis, the developer of the blockchain-based play-to-earn game Axie Infinity launched in 2018, raised $152 million in a Series B funding round in October 2021 led by Andreessen Horowitz (a16z), with participation from Paradigm, Accel, Seven Seven Six, FTX Ventures, Samsung Next, Fabric Ventures, and others including Mark Cuban. The round valued the company at $3 billion post-money, following a Series A of $7.5 million in May 2021 led by Libertus Capital and a seed round of $1.5 million in November 2019 led by Animoca Brands. The funding aimed to capitalize on Axie Infinity's explosive growth, expand the team, develop the Ronin sidechain Ethereum sidechain for better scalability, and support further ecosystem infrastructure. Axie Infinity, a monster-battling NFT game inspired by Pokémon, had achieved massive traction by late 2021 with 2 million daily active users (DAUs), primarily accessed via Android APK sideloading in emerging markets like the Philippines, Brazil, and Venezuela where it served as a significant income source through play-to-earn mechanics using SLP and AXS tokens. Over $2 billion in NFT trading volume had occurred since launch, with recent announcements of $60 million+ token distributions to early adopters and staking capabilities driving AXS to all-time highs. The game ranked #20 on PocketGamer.biz's Top 50 Mobile Game Makers of 2021. The $3 billion valuation positioned Sky Mavis as a leader in blockchain gaming amid the NFT and Web3 boom, with Oddup estimating a benchmark close to $3.1 billion as of October 12, 2021, and an industry score of 65.41 based on competition and demand factors. Total funding reached $311 million across rounds by this point. Subsequent developments included a Series C of $150 million in April 2022 at a similar valuation level, reflecting continued momentum in the play-to-earn sector despite later crypto market challenges. |
| May 2021 | Series A | Libertus Capital (lead) | $8M | - | Sky Mavis, the developer of the blockchain-based play-to-earn game Axie Infinity, raised $7.5 million in its Series A funding round on May 11, 2021, led by Libertus Capital with participation from investors including Mark Cuban, Alexis Ohanian, CMT Digital, Backed VC, Konvoy, and DeFi Alliance. The funds were intended to expand the team and accelerate development of the Ronin sidechain. This followed a $1.5 million seed round in November 2019 led by Animoca Brands. Axie Infinity enables players to breed, raise, battle, and trade Axie creatures using NFTs, gaining popularity in 2021 particularly in countries like the Philippines, Brazil, Venezuela, and Vietnam. The game saw significant growth, with September 2021 revenue of $220.32 million, down from a record $342 million in August but representing massive year-over-year increase. Sky Mavis later raised $152 million in an October 2021 Series B led by Andreessen Horowitz at a $3 billion valuation. |
| Nov 2019 | Seed | Animoca Brands (lead); Hashed; Pangea Blockchain Fund; ConsenSys Mesh; 500 Global | $2M | - | - |
Who has invested in Sky Mavis?
11 investors have backed Sky Mavis across its funding rounds, including Andreessen Horowitz, Animoca Brands, 500 Global, Accel, Hashed and Paradigm.
Lead investors include Binance, Andreessen Horowitz, Libertus Capital and Animoca Brands.
Sky Mavis Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Hong Kong | 2 | Lead | Nov 2019 | |
 San Francisco, CA | 2 | Lead | Oct 2021 | |
| San Francisco, CA | 1 | Participant | Nov 2019 | |
 Lugano | 1 | Participant | Nov 2019 | |
 George Town | 1 | Lead | Apr 2022 | |
| New York City, NY | 1 | Participant | Nov 2019 | |
 London | 1 | Lead | May 2021 | |
| San Francisco, CA | 1 | Participant | Apr 2022 | |
| Palo Alto, CA | 1 | Participant | Apr 2022 | |
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Start Free TrialInvestments by Sky Mavis
Sky Mavis has invested in 5 companies to date.
Latest investment by Sky Mavis was on February 24th 2026. Sky Mavis invested in Power Protocol in their $3M Seed round.
Latest Investments by Sky Mavis
| Description | Power Protocol builds foundational infrastructure uniting blockchain-based entertainment applications into a unified ecosystem. | Pixion Games is a blockchain platform hosting competitive multiplayer games such as arena shooters and strategy battles where participants earn tokens via smart contracts. It provides community governance tools for tournament rules and reward distribution on Polygon network. Based in the United Kingdom, Pixion supports cross-platform play on PC and mobile devices. | Moku is a web3 gaming platform facilitating connections to guilds, NFT marketplaces, and strategy communities. Headquartered in the United States, it supports blockchain-based games with tools for player collaboration and asset trading. | - | |
| HQ Country | - | |  | - | |
| HQ City | - | London | Toronto | - | |
| Deal Date | 24 Feb 2026 | 28 Jan 2025 | 9 Sep 2024 | 27 Apr 2024 | |
| Round | Seed | Series A | Seed | Seed | |
| Raised | $3M | $12M | $5M | $500K | |
| Investors | Yield Guild Games; Arete Capital; L1D; Animoca Brands; Delphi Digital; The Spartan Group; BITKRAFT Ventures | Yield Guild Games; Arete Capital; L1D; Animoca Brands; Delphi Ventures; The Spartan Group | Andreesen Horowitz | Spartan; OKX Ventures; Kahuna; Animoca Brands | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Sky Mavis Competitors
Sky Mavis competitors include listed companies like Sharplink and Securitize, and private ones like Immutable Systems, Gala Games, Mythical Games and Rain.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Sydney | Private | - | - | $2.5B | - | |
| Salt Lake City, UT | Private | - | - | $1.5B | - | |
| Los Angeles, CA | Private | - | - | $1B | - | |
| New York City, NY | Private | - | - | $1.9B | - | |
| United States | Publicly listed | $28M | ($734M) | $1.8B | 39.9x | |
| United States | Publicly listed | $62M | ($34M) | $1.5B | 22.2x |
Sky Mavis Public Comps
Sky Mavis is still privately-owned, but its public comps include Alpha, Embracer Group, YOOZOO Games, Sharplink, Paradox Interactive, XD, Modern Times Group, Hangzhou Shunwang Tech, PearlAbyss and Securitize.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $369M | $28M | 5.2x | - | 67.8x | - | |||
| $1.6B | $414M | 1.0x | 0.9x | 3.8x | 3.9x | |||
| $209M | ($15M) | 9.2x | 9.0x | (126.6x) | 34.0x | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $224M | $99M | 7.1x | 6.9x | 16.1x | 11.3x | |||
| $859M | $262M | 2.0x | 1.8x | 6.6x | 6.1x | |||
| $1.2B | $210M | 1.7x | 1.6x | 9.4x | 6.7x | |||
| $260M | $80M | 5.7x | 6.8x | 18.6x | 20.0x | |||
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Common questions about Sky Mavis
| When was Sky Mavis founded? | Sky Mavis was founded in 2019. |
| Where is Sky Mavis headquartered? | Sky Mavis is headquartered in Singapore, Singapore. |
| Is Sky Mavis publicly listed? | No, Sky Mavis is a private, VC-backed company. |
| What is Sky Mavis' valuation? | Sky Mavis was last valued at $1.9B in its Series C in April 2022. |
| How much funding has Sky Mavis raised? | Sky Mavis has raised $311M across 4 funding rounds. |
| What was Sky Mavis' last funding round? | Sky Mavis' last funding round was a $150M Series C in April 2022, led by Binance. |
| Who are Sky Mavis' investors? | Sky Mavis' investors include Animoca Brands, Andreessen Horowitz, Hashed, Pangea Blockchain Fund, Binance, ConsenSys Mesh, Libertus Capital, Paradigm, Accel, Dialectic and 1 other. |
| What is Sky Mavis' revenue? | Sky Mavis' latest recorded revenue is $1.3B (October 2021). |
| What is Sky Mavis' revenue multiple? | Sky Mavis' latest valuation implies a 2.3x revenue multiple ($3B valuation on $1.3B of revenue). |
| Which companies are comparable to Sky Mavis? | Companies comparable to Sky Mavis include Immutable Systems, Gala Games, Mythical Games, Rain, Sharplink and Securitize. |
| How many companies has Sky Mavis invested in? | Sky Mavis has invested in 5 companies, including Power Protocol, Pixion Games, Moku, Wild Forest and Puffverse. |
| What was Sky Mavis' last investment? | In February 2026, Sky Mavis invested in Power Protocol's $3M seed round alongside Yield Guild Games, Arete Capital, L1D and 4 other investors. |
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