# Faraway

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/faraway

- Industry: Software
- Headquarters: US
- Website: www.faraway.gg
- Total disclosed funding: $29M
- Latest round: Series A (Nov 4, 2021)
- Investors on record: 7

## About

Faraway Inc is focused on integrating Web3 open economies into video games, providing tools for developers to enhance gameplay through blockchain technology.Founded in 2021 in the United States, Faraway Inc specializes in developing a platform that enables game developers to incorporate Web3 functionalities. The company has secured funding through two deals, with its most recent being a Series A round on November 4, 2021, raising USD 21.00 mn. The funding was co-led by FTX Trading Ltd. and Lightspeed Venture Partners, along with participation from other investors. The founders, Alex Paley and Dennis Zdonov, have a background in tech entrepreneurship, although specific prior ventures are not detailed. Faraway Inc does not have any known subsidiaries or a parent company.Faraway Inc. offers a comprehensive suite of products aimed at facilitating the integration of Web3 open economies into video games. Their core offerings include a user-friendly platform that allows game developers to implement essential functionalities such as embedded wallets, smart contract management, and multi-chain indexing without requiring deep technical expertise. This platform caters to a diverse range of game genres, including first-person shooters (FPS), city-building simulations, and casual idle games, thus appealing to a broad customer base of gamers and content creators. End users can create and manage custom content within the Faraway ecosystem, monetize their creations through the Faraway Shop, and engage with various decentralized applications. The company's products are positioned in international markets, targeting countries with established gaming communities and interest in blockchain technology.Revenue generation for Faraway Inc. is primarily facilitated through transactions occurring within its ecosystem, notably through the sale of in-game assets and user-generated content via the Faraway Shop. Game developers and creators can set up storefronts to sell items such as Rift Keys, Ascension Material, and other game-specific collectibles, allowing them to earn up to 90% of the sale price from their assets. The platform supports both cryptocurrency and fiat transactions, providing flexibility for users. The company's revenue model encompasses direct-to-consumer sales and partnerships with game developers, enhancing the monetization potential for both parties involved, with specific pricing structures established within the platform to ensure clarity and ease of transactions for all users.In November 2021, Faraway Inc raised USD 21.00 mn in Series A funding to expand operations and its business reach. The company plans to leverage this funding to develop new products aimed at enhancing its gaming platform and will target specific international markets for expansion, although detailed regions have not been specified. The company anticipates that the funding will support these initiatives effectively, allowing for improved service offerings and operational capabilities.

## Funding rounds

- Series A, Nov 4, 2021, $21M — Lightspeed Venture Partners, Hong Shan, Andreessen Horowitz, Jump Capital, Pantera Capital, Solana Labs, Inc., FTX Trading Ltd.
- Seed, Jun 1, 2021, $8M — Lightspeed Venture Partners, Hong Shan, Andreessen Horowitz, Jump Capital, Pantera Capital, Solana Labs, Inc.

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed, Series A
- Hong Shan — Seed, Series A
- Andreessen Horowitz (https://capitalatlas.ai/funds/andreessen-horowitz) — Seed, Series A
- Jump Capital (https://capitalatlas.ai/funds/jump-capital) — Seed, Series A
- Pantera Capital (https://capitalatlas.ai/funds/pantera-capital) — Seed, Series A
- Solana Labs, Inc. — Seed, Series A
- FTX Trading Ltd. — Series A