Company Research Report: Forte Labs Inc.
Company Overview
- Name: Forte Labs Inc.
- Mission: Forte is building economic technology for games that powers NFTs and rich token economies, aiming to streamline compliance enforcement, flexible rules architecture, and tailored economic controls.
- Founded: 2018
- Founders: Kevin Chou and Josh Williams
- Key People:
- Kevin Chou: Cofounder, Chairman at GenG Esports, Cofounder at Unite.
- Josh Williams: Cofounder, CEO.
- Neil Young: Executive Chairman of N3twork Studios.
- Headquarters: San Francisco, CA
- Number of Employees: 51-200
- Revenue: No information available
- Known For: Forte is known for developing an end-to-end blockchain platform that enables video game developers to create decentralized game economies and leverage blockchain technology effectively and compliantly.
Products
Blockchain Platform for Games
- Description: An end-to-end platform designed for video game developers to integrate blockchain technology into their games, thereby enabling player-to-player economies and interoperability across various blockchains.
- Key Features:
- Seamless, Embeddable Token Wallets: Easy integration of secure cryptocurrency wallets into games.
- NFT Minting and Selling: Tools for creating and trading non-fungible tokens (NFTs).
- Payment Rails: Robust payment solutions tailored for blockchain economies.
- Compliance Tools: Built-in compliance and security products to ensure adherence to global regulations.
- Interoperability: Support for cross-chain functionality, enhancing liquidity and gaming economy scalability.
- Market-making Services: Automated market making to provide liquidity and ensure market stability.
Recent Developments
Acquisitions
- Acquisition of N3twork's Platform:
- Details: Forte acquired N3twork's technology platform to enhance the development of blockchain games. Neil Young, N3twork's founder, will lead Forte's games industry business unit while simultaneously remaining the executive chairman of N3twork Studios.
- Impact: Strengthened Forte's capability to support blockchain games, specifically by benefiting from N3twork's experience in free-to-play mobile games.
Partnerships
- Zynga Partnership:
- Purpose: To create blockchain-based games using Zynga's IP and player base.
- Goals: To bring a new level of quality and security to Web3 games.
- Strategic Vision: A focus on safety and player engagement within blockchain ecosystems.
Investments
- Series B Funding:
- Date: December 12, 2021
- Amount: $725 Million
- Investors: Sea Capital and Kora Management, amongst others.
- Utilization: To expand the suite of products, accelerate onboarding of game developers, and prepare for mass-market blockchain gaming.
- Grants and Ecosystem Development:
- DAO Establishment: Formation of Game7, a DAO with a $500 million valuation aimed at accelerating the blockchain gaming ecosystem with contributions from BitDAO and Forte.
- Funding Allocation:
- 15% for grants promoting research and regulatory compliance.
- 5% for developer training on the token economy.
- 80% directly funding game studios and DAOs.
Fundraising and Investments
- Recent Fundraising:
- Total Funding Raised: Over $900 Million.
- Key Rounds:
- Series A in May 2021: $185 Million
- Series B in December 2021: $725 Million
- Focus: Ensuring compliance, scalability, and developer support for integrated blockchain technologies.
With these developments, Forte Labs Inc. continues to be a pivotal player in the merging fields of gaming and blockchain technology, ensuring scalability, compliance, and robust economic opportunities for game developers and players alike.