Azra Games Ups Mobile Effort

Azra Games, a Sacramento-based gaming studio, has raised $42.7 million in a Series A funding round as it aims to elevate mobile role-playing games (RPGs) to a new level with console and PC-quality experiences.

The new funding round, announced on October 15, 2024, was led by Pantera Capital, with participation from a16z crypto, a16z GAMES, and NFX. This brings Azra’s total funding to $68.3 million, enabling the company to expand its development team and push forward several ongoing projects.

Founded in 2022 by industry veteran Mark Otero, Azra Games focuses on delivering mobile RPGs that offer thrilling gameplay, intense combat, and immersive storylines. Otero, well known for creating Star Wars: Galaxy of Heroes—a top-grossing mobile game for Electronic Arts—leads Azra’s efforts to advance mobile RPGs into what he calls the “fourth generation” of the genre.

The fresh capital will accelerate the development of Azra Games’ projects, including its flagship game, code-named “Project Legends.” Otero described Project Legends as a dark fantasy set in a world reflective of current times, where players have the power to bring light to an otherwise bleak environment.

“Mark is the rare entrepreneur who has successfully navigated multiple industry shifts and built billion-dollar franchises in gaming,” said Franklin Bi, General Partner at Pantera Capital.

The funds will also support the growth of Azra Games’ global team and its research and development arm, Azra Labs, which is led by co-founder and CTO Travis Boudreaux. Azra Labs focuses on using artificial intelligence (AI) to streamline the creation of AAA mobile content by optimizing RPG development processes.

Currently, Azra Games employs approximately 83 people and expects to grow to over 120 by the time Project Legends is ready for launch, with plans to establish a second development team. The company is actively recruiting top-tier talent to help revolutionize mobile RPG development.

“The team at Azra Games has a unique opportunity and vision to pioneer the fourth generation of mobile RPGs by merging innovative gaming formats with digital ownership on the blockchain,” said Arianna Simpson, General Partner at a16z crypto.

Mr. Otero acknowledged that the funding round is a rare achievement, given the sharp decline in investment for pre-revenue gaming companies during 2023 and 2024. He attributed the strong investor interest to the caliber of the team, the progress made with the game, and the innovative combat system they are developing.

Pantera Capital, founded in 2003, is a San Francisco-based investment firm specializing in blockchain technology and cryptocurrency ventures. Led by CEO Dan Morehead and General Partner Franklin Bi, the firm focuses on early-stage investments in companies driving innovation in decentralized finance, digital assets, and blockchain infrastructure.