Blockchain game developer Immutable shows signs of recovery after reporting a $50 million loss in 2023.
According to recent filings cited by the Australian Financial Review, the company has made significant strides in performance despite facing challenges from a turbulent crypto market, global regulatory pressures, and high marketing costs.
Known for hit titles like Gods Unchained and Guild of Guardians, Immutable has a positive financial outlook, with revenue for the 2024 financial year exceeding $110 million—a 50% increase from the previous year. This growth is attributed to the launch of its layer-2 network, Immutable zkEVM, in partnership with Polygon Labs. Additionally, the company is investing in the Web3 gaming sector with a $100 million fund to support game developers.
Immutable’s growth trajectory is rooted in its solid financial backing. In March 2022, the company raised $200 million in a Series C funding round led by Singapore’s state-owned investment firm, Temasek, bringing its valuation to $2.5 billion. Other notable investors in the round included Mirae Asset, ParaFi Capital, Declaration Partners, and Tencent Holdings.
In addition to its financial achievements, the company is capitalizing on the growing interest in blockchain gaming. In February 2025, co-founder Robbie Ferguson disclosed that several gaming companies valued at over $1 billion had shown interest in launching tokens. This development coincides with a surge in on-chain gaming activity. According to a DappRadar report published on February 13, blockchain gaming reached more than 7 million daily unique active wallets in January 2025—a staggering 386% increase from the previous year.
Meanwhile, Immutable has unveiled a new “Pre-Approved Transactions” feature to enhance the Web3 gaming experience by enabling seamless in-game transactions. Announced on November 11, the feature eliminates the need to exit games for wallet approvals, allowing players to conduct trades, craft items, and access integrated marketplaces without interruption. This innovation aims to make blockchain gaming as smooth and immersive as traditional gaming.
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