Loot Labs, a Seattle-based startup that empowers collectors with convenient ways to enjoy their hobby, announced that it has secured $6 million in a seed round investment led by BITKRAFT Ventures, with participation from Sfermion, Fabric Ventures, and Everyrealm. Loot Labs is using the investment to expand its gamified collectibles platform, BOXED.GG, into the digital video game collectibles market, starting with a beta for Counter-Strike 2 skins launching on October 28.
Loot Labs has built the groundwork for BOXED.GG’s business model in the physical trading card game markets of Pokémon, Magic: The Gathering, and Yu-Gi-Oh! And now, they are leveling up their offerings as the only legitimate digital collectibles platform for video games, benefiting players and publishers. The company currently has hundreds of thousands of users using the service.
This debut platform refines Counter-Strike 2 cosmetics collecting by delivering a curated unboxing experience players can trust, and its one-of-a-kind Marketplace empowers players to exchange anything they’ve collected in their inventory for the specific Counter-Strike 2 skins they covet.
Loot Labs is based in Seattle, with an international team located across the UK, Netherlands, Canada, South Africa, and the United States, and leadership from Microsoft, NASA, Boeing, Lucas Arts, Twitch, and 2K. As the creators of BOXED.GG, Loot Labs provides collectors and trading card players with a convenient and entertaining way to enrich their hobby. Launched in 2022, Loot Labs attracted significant attention from investors, securing a $1.5 million pre-seed round investment in 2023, also led by BITKRAFT Ventures.
KEY QUOTES:
“The resounding support of BITKRAFT Ventures confirms our mission: we are filling a valuable role in expanding and securing the collectibles market with a trusted platform. The current black market of virtual trade leaves money on the table for video game developers and exposes consumers to significant security risks. We envision a future where studios can tap into the digital collectibles market, allowing their teams to benefit from secondary transactions while giving their fans a safe environment to freely collect and trade items in their favorite games.”
-Milan Harris, Loot Labs CEO
“We love the collectibles space and believe in the markets around them. Unfortunately, both physical and digital markets are often ripe with fraud and other issues that get in the way of growing these economies. We’ve been partners with the Loot Labs team since their Pre-Seed round and have seen their hustle and tech-forward approach deliver strong success already in physical cards. As investors who are passionate about the convergence of digital and physical worlds, we couldn’t miss the chance to double down on our partnership as Loot Labs continues to grow and evolve into new markets.”
-Carlos Pereira, Partner at BITKRAFT Ventures
