Epics DAO, a social contribution blockchain game supporting open-source development, has secured funding of $450K in its seed round

ELSOUL LABO B.V. (headquartered in Amsterdam, Netherlands, CEO: Fumitake Kawasaki) is pleased to announce that its social contribution blockchain game, Epics DAO, which supports open-source development, has successfully executed a pre-seed and seed round amounting to $450,000.

This was accomplished through a SAFT and token sale, with participation from East Ventures, a startup investment VC based in Singapore, Rikka, a Web3-focused seed VC from Estonia (MIRAISE, a VC specializing in Japanese engineer entrepreneurs, serving as an advisor and LP for Rikka), two business corporations in Japan, and 20 individual investors.

Purpose of Funding

Epics is a social contribution blockchain game (BCG) that realizes a sustainable open-source software development environment for a better society. Gamification with incentives for all participating players creates a positive cycle where "playing more helps solve more societal challenges."

With the recently acquired funds, Epics will develop a blockchain game on the Solana chain, known for its affordable fees and fast operations, leveraging NFTs.

Achievements and Future Developments

In 2022, Epics was honored with a 5th place finish among over 18,000 entries at the Solana Summer Camp Hackathon. In the same year, we received WBSO (Research and Development in Advanced Science and Technology) certification from the Dutch government. Additionally, in January 2023, the $EPCT token issued by Epics DAO was listed on a decentralized exchange (DEX) on the Solana blockchain through an Initial DEX Offering (IDO).

The waitlist (closed in early August) for the Epics Beta, which is scheduled for release in December 2023, has already attracted over 50,000 players.

Solana Chain has also launched the Web3 mobile "Solana Saga Phone" and has opened the Solana dApp Store.

Epics will be compatible with this Solana Mobile Stack and plans to be available on the Solana dApp Store, collaborating with the Solana Mobile Team.

Details of Funding

• Amount Raised: $450,000
• Method: SAFT and Token Sale
• New Share (Token) Holders: East Ventures, Rikka, two corporations, and 20 individual investors.
• Use of Funds: Product development and strengthening organizational structure.

Comments from investors who participated in this round

Mr. Shinichi Iwata of MIRAISE ( https://www.miraise.vc ), Partner and CEO

At MIRAISE, we actively support Japanese engineers who are starting businesses abroad. ELSOUL LABO, founded in the Netherlands by the highly talented engineers Kawasaki and Kishi, utilizes blockchain technology to enhance the sustainability of open-source development environments.

In this round, the company has received investment from Rikka, a strategic partner of MIRAISE. With the investment from European investors, we look forward to a more solid global business foundation. MIRAISE will continue to provide support through the community in both technical and business aspects.

Mr. Urmas Peiker of Rikka ( https://www.gopoolside.com ), Founder and CEO

We are truly impressed by the exceptional Japanese programmer entrepreneurs who have ventured into the European tech startup scene.

The Estonian government has been open-sourcing e-government solutions and operating authentication solutions using blockchain. These initiatives have demonstrated significant public value, and I have great expectations for this field.

As an Estonia-based Web3-focused fund, we see a strong alignment in investment themes and are excited to collaborate with our strategic partner, MIRAISE, to support the company's global endeavors. We eagerly anticipate the opportunity to contribute to their challenges on a global scale.

※ Rikka is a seed VC specializing in Web3 companies in Estonia, and MIRAISE, a VC specializing in engineers and entrepreneurs in Japan, is involved as an advisor and LP.

Mr. Hirokazu Nakamura of trattoria ( https://trattoria.tokyo ), CEO, Investor

After hearing from Kawasaki and Kishi, I immediately decided to invest based on two key pillars: social significance and global reach. While there are many entrepreneurs in Japan aiming for global success, few are actually operating overseas as a base.

Notably, the company ELSOUL LABO, founded by the two, has received certification from the Dutch government for cutting-edge scientific research in the fields of AI and blockchain.

I have high expectations for this team's ability to succeed on a global scale. I look forward to supporting their future growth.

Founder's Comments

Fumitake Kawasaki (Founder and CEO at ELSOUL LABO B.V., Co-founder of Epics DAO)

We have been involved in the commercial use of open source, as well as the initiation and development of open-source projects.

Open-source development, which can globally improve development efficiency, is extremely important for the upcoming software-centric society.

However, there are many economic challenges, and it is not yet a sustainable environment.

We aim to realize a new form of open-source support by leveraging gamification and token economics.

Shota Kishi (Co-founder of ELSOUL LABO B.V. and Epics DAO)

Utilizing blockchain technology allows us to visualize social economic value due to its fairness and transparency, thus providing appropriate incentives.

Gamification elements such as "achievable goal-setting," "visible growth," and "self-expression" are effective in building a platform where everyone can participate, and they promote socially valuable actions while enjoying them.

By combining these, we will construct a mechanism to solve difficult-to-see social issues like the resource shortage in open-source development on a global scale.

About the Social Contribution Blockchain Game “Epics”

Ten years ago, the corporate adoption rate of open-source had been only about 10%, it was adopted by 90% of companies by 2022 and is now a source of innovation. However, since its development is still free of charge, it suffers from severe resource shortages, and over 80% of its software contains open-source code with vulnerabilities.

On the other hand, investment in open-source software has a 10-fold effect on GDP and is returned to people worldwide with a high return on investment as a public good.

Epics provides incentives through token economics to developers, investors, and public relations activists who can solve open-source software development problems. Each person seeks fun and incentives, and by doing so, a virtuous cycle is created in which social problems are solved.

Through the combination of blockchain and gamification, Epics will solve the social problem of lack of resources for open source development through the "new economy".

Company Overview

• Name: ELSOUL LABO B.V.
• Founders: Fumitake Kawasaki, Shota Kishi
• Business: Software R&D (AI, Cloud, Blockchain)
• Established: September 2020
• Location: Weteringschans 165, 1017XD Amsterdam, Netherlands
• Certification: WBSO (Advanced R&D) by the Dutch Government, Google Cloud Build Partner
• Company URL: https://labo.elsoul.nl
• Press Kits：https://labo.elsoul.nl/en/press-kits/

About the DAO

• DAO Name: Epics DAO
• Founders: Fumitake Kawasaki, Shota Kishi
• Business: R&D and management of a social contribution blockchain game
• Established: June 2022
• Certification: WBSO (Advanced R&D) by the Dutch Government
• Awards: 5th place in the Solana Summer Camp Hackathon 2022
• DAO URL: https://epics.dev
• Twitter URL: https://twitter.com/EpicsDAO2