Mythical Games, a video game producer in Sherman Oaks, has secured $16 million in Series A funding, the company announced Friday.
It will use the funds to create a slate of new games that let players, brands and outside developers customize aspects of the game itself. This user-generated content — such as new game items or characters — will be purchased by players using in-game currencies that are bought with actual money.
Similar monetization models are employed in games including the popular online shooter “Fortnite,” created by Epic Games Inc.
The funding round was led by Galaxy Digital’s New York-based EOS VC Fund and joined by San Francisco-based Javelin Venture Partners and others.
“The investment from Galaxy, Javelin and our other new investors will allow us to ignite a new approach to developing games, giving players and content creators a bigger stake in the games they love,” said Mythical Games Chief Executive John Linden in a statement. “We believe these new economics will come to dominate gaming, resulting in an even bigger addressable market for the industry.”
Linden, a former studio head at video game maker Blizzard Activision in Santa Monica, co-founded the company with two other Blizzard executives.