Unagi, a France-based Web3 gaming studio, raised EUR 4.7 million (USD 5 million) in an all-equity seed round led by Sisu Game Ventures. The round also saw participation from Sfermion, UOB Ventures, Signum Capital, 2B Ventures, and Machame, bringing the company’s total funding to USD 12.4 million.

It aims to utilize the fresh capital to increase its headcount from 25 to 40 and develop partnerships with more sports clubs and leagues.

Founded in 2021, Unagi was formed by Charlie Guillemot (son of Ubisoft co-founder and former studio manager at Owlient) and Remi Pellerin (formerly at Owlient). It launched its first game, Ultimate Champions—a free-to-play fantasy football game—in April 2022. In addition, Unagi has inked a deal with basketball competition, EuroLeague, and plans to introduce a basketball version of Ultimate Champions next month.

Ultimate Champions has partnered with 45 clubs in Europe, with players earning rewards in Champ Tokens (in-game currency) that can be bought, earned, and spent on the platform, as well as digital player cards or NFTs. The game currently has 220,000 registered players, of which 70,000 are monthly active users.