Web3 recreation studio Orange Cap Video games has introduced a $3.5M USD increase, with these funds set to gasoline the expansion of their Pudgy Penguins Vibes TCG and the recently-purchased Moonbirds IP.
Led by Web3 funding agency 1kx and Yuga Labs, the transfer indicators continued assist of the Moonbirds model by the Yuga Labs workforce post-sale, and confirms co-founder Greg Solano‘s perception that “there’s nobody higher than Orange Cap Video games to assist [Moonbirds] attain [its] potential.”
This follows a $2M pre-seed angel spherical in September 2024, with individuals together with Pudgy Penguins dad or mum firm Igloo Inc., Yield Guild Video games founder Gabby Dizon, and Rektguy creator OSF.
Key Insights
Orange Cap Video games have introduced a $3.5M increase, led by 1kx and Yuga LabsThese funds can be used to “convey IP to life whereas rising the Vibes TCG and Moonbirds merchandise and ecosystems”This follows a $2M increase in September 2024, together with participation from Igloo Inc., Gabby Dizon and OSFYuga’s involvement indicators their continued assist of Moonbirds, despite their latest sale of the IPFurther particulars on the subsequent steps for the Vibes TCG and Moonbirds IP can be shared in the end
What’s Orange Cap Video games?
Orange Cap Video games is a self-styled “recreation and expertise design studio”, based mostly in New York.
Although they’re a comparatively new arrival on the Web3 gaming scene, their workforce boasts a long time of collective expertise in designing and manufacturing tabletop buying and selling card video games – and so they have introduced that experience to the blockchain trade.
The workforce are the builders of Pudgy Penguins official buying and selling card recreation, Vibes – a hybrid bodily and digital expertise that’s stocked in over 100 retailers worldwide, and has seen over 4 million playing cards bought and 350,000 on-line video games performed since its launch in December 2024.
Final week, it was introduced that Yuga Labs had agreed to promote the Moonbirds IP – which they themselves acquired in February 2024 – to Orange Cap Video games for an undisclosed charge. It’s unknown if Yuga’s involvement in Orange Cap Video games’ $3.5M increase is a separate deal, or a part of their divestment plan.
What is going to these funds be used for?
Orange Cap Video games have said that these funds will assist them to “convey IP to life whereas rising the Vibes TCG & Moonbirds merchandise and ecosystems.”
Additional particulars have but to be shared, although provided that the announcement comes shortly after their acquisition of the Moonbirds IP – with a equally brief timespan noticed between the announcement of their September 2024 increase and the reveal of the Vibes TCG – we are able to speculate that these funds will play a key function of their plans for the Moonbirds model.
Peter Pan, accomplice at 1kx – the funding agency which led this $3.5M spherical – said that “We proceed to imagine that the world’s largest IP to emerge over the subsequent decade could have their roots in crypto, and imagine that onchain primitives will allow new types of IP to flourish in methods by no means seen earlier than.
“We imagine it’s nonetheless extremely early on this design house, and that only a few operators have been able to cracking the code on this class. We imagine that Orange Cap Video games has that potential.”
