Today, Karate Combat announced an $18 million funding round led by BITKRAFT Ventures, with additional participation from Delphi Digital, The Operating Group, Alpha Wave Global, Hashkey, Lattice, M13, Santiago R Santos, RookieXBT and others. Prior investors include the League’s founders, Packy McCormick's Not Boring Capital, and Keyboard Monkey. The funding will be used to support the May 10th launch of the Karate Combat App and $KARATE token.
Karate Combat is the first sports league structured as a decentralized autonomous organization (“DAO”), with token holders having control over the direction of the league. On May 10th, the company will launch the Karate Combat Up Only Gaming App and $KARATE token. As part of the new app, fans can collect free $KARATE tokens. The $KARATE token both governs the League and gamifies the live viewing experience. Holders of the $KARATE token can use the league’s smart contracts, web apps and mobile apps to vote on fighters, earn additional $KARATE tokens with no risk of loss, and boost their favorite fighters’ potential prize pools, above and beyond their contracted pay.
Karate Combat has done a great job fulfilling the need of sports content for younger fans in a manner vastly different from traditional sports.
We are thrilled to now have BITKRAFT Ventures, a distinguished investment firm led by a team of venture capitalist heavyweights, in our corner and believe the DAO will continue to supercharge our ongoing success and create a new category of entertainment within Web3 said Robert Bryan, Karate Combat Co-Founder.
Sports league value largely emerges from the quality of the competition, and the passion and loyalty of the fan base. Karate Combat is leveraging its Web3 tools and ethos to shift how fans engage with their favorite sports by building direct relationships, aligning incentives, and enabling influence over every aspect of the league.
More than that, it’s doing it with an incredibly fresh and differentiated media that strikes all of its fans as ‘videogames meet MMA’, making it a fun and doubly-innovative new partner for BITKRAFT
commented Carlos Pereira, Partner at BITKRAFT Ventures.
About BITKRAFT Ventures
BITKRAFT Ventures is a leading global investment platform for gaming and Web3 according to research from InvestGame and Drake Star Partners. Founded by industry pioneer Jens Hilgers, BITKRAFT serves a worldwide network that spans many of the industry’s forward-thinking startups and founders—including former executives from the likes of Activision Blizzard, Riot Games, Epic Games, Google, and Apple who are working to build and operate the virtual worlds and economies of the future. BITKRAFT operates four venture funds with a total of over $600M in assets under management and has over 100 companies in its global portfolio as of August 2022. BITKRAFT’s experienced international team works closely with exceptional entrepreneurs to create significant value through early candid partnerships, unique domain experience, entrepreneurial history, and a global ecosystem of strategic partners. Find out more about how BITKRAFT and its portfolio companies are pushing the boundaries of Synthetic Reality® by visiting https://www.bitkraft.vc/vision.