Client: Metaverse Game Studios — Web3 gaming studio led by industry veterans behind League of Legends, Crytek, Far Cry and Halo 3, with prior exit experience in acquisitions by Ubisoft, Microsoft, Mail.Ru and Peak Games.
Project: Angelic — a gamer-first blockchain game playable in both single-player and multiplayer modes, differentiated by immersive gameplay, play-to-earn mechanics and original lore.
Investors: 43 institutional investors including Pantera Capital, Animoca Brands, Every Realm and Solana Ventures.
Round Size & Date: USD 10,000,000 · 2022.
Vircon Legal Role: Of-counsel to Metaverse Game Studios. Designed the token distribution strategy, prepared multi-jurisdictional SAFT (Simple Agreement for Future Tokens) documentation, and led the negotiation of 108 investor agreements in fewer than 20 days.
Challenge
Angelic attracted significant investor interest globally. The team needed to raise USD 10M from 43 institutional investors operating across multiple jurisdictions — with different tax, securities and crypto-regulatory profiles. Building a structure sound on compliance, risk mitigation and taxation — and producing a SAFT acceptable to industry-leading investors across jurisdictions within a tight timeline — was the central challenge.
Solution
Vircon Legal joined as of-counsel and designed the token distribution strategy together with the founding team, evaluating compliance, legal and tax positions across the target investor pool. We prepared multiple SAFT variants tailored to specific investor needs and led the negotiation of 108 agreements in fewer than 20 days.
Impact
The Metaverse Game Studios team focused on investor relationships while Vircon Legal carried the legal negotiation workflow end-to-end. The round closed at USD 10,000,000 — among the larger Web3 gaming rounds raised by a Türkiye-rooted studio.
Related
For more on the practice areas relevant to this transaction, see ICOs, Crypto-Currencies & Blockchain, Startup Law and SAFT.