Kandle raises $1.7 Mn in seed funding led by Saama

Kandle.xyz, a crypto fantasy GameFi project, has raised $1.7 million in its seed round led by Saama Capital. The round also saw participation from PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta (CEO- CoinDCX), amongst other individual investors in the gaming and financial services industry.

According to Kandle, the funding will be used to develop the platform further and expand its user base, featuring its flagship product Crypto Fantasy Leagues.

Kandle has established its presence in Indonesia, Vietnam, Nigeria, and India and plans to expand its footprint across Asia and North America.

Founded by Jaideep Yadav, the startup offers innovative fantasy games using crypto coins, where players compete to win rewards. Kandle plans to release its project roadmap on token issuance, token utility, and a play-and-win model.

Over the past months, the platform claims to have successfully completed beta testing, attracting over 80,000 players during the soft launch.

Kandle has launched games ranging from crypto fantasy leagues to play-2-earn format. As per the company, there are more games in its product roadmap based on user feedback. 

Early-stage venture capital firm Saama has backed several companies, including Paytm, Snapdeal, Sula Wines, Veeba Foods, Chai Point, EazyDiner, The Moms Co., Lendingkart, Vistaar Financial Services, Fisdom, Mezi, Zeni, and Beans.ai.