LONDON : Metaverse gaming company Animoca Brands raised practically $360 million in a funding spherical led by Liberty City Ventures, the company stated on Tuesday, valuing the agency at greater than $5 billion.
Animoca Brands – an Australian company with headquarters in Hong Kong – invests in and builds blockchain-based on-line digital worlds, during which belongings corresponding to land can typically be purchased within the type of non-fungible tokens (NFTs).
It has invested in additional than 150 NFT and metaverse-related corporations.
In many so-called metaverse environments, customers should buy land, stroll round as avatars, play video games and meet mates.
The time period turned a tech and enterprise buzzword final yr. Metaverse-related corporations noticed a flurry of funding and metaverse platforms’ crypto tokens surged, boosted by Facebook altering its identify to “Meta” to sign its dedication to the idea.
Meanwhile, NFTs exploded in reputation, with gross sales volumes nearing $25 billion in 2021.
Animoca Brands’ chairman and co-founder, Yat Siu, has been vocal in his view that the event of “Web3” or the metaverse relies on customers with the ability to personal blockchain-based belongings.
Animoca Brands sometimes receives round 7.5per cent of each transaction of its NFTs on the key market OpenSea. OpenSea is the primary NFT market and has seen round $3 billion in gross sales quantity up to now month, in line with market tracker DappRadar.
Animoca Brands issued 111,173,515 shares, price $358,888,888, and stated it could use the proceeds for acquisitions, investments, product improvement and to purchase licenses for in style mental property.
The fundraising was led by enterprise capital agency Liberty City Ventures. Gemini Frontier Fund, Sequoia China and Winklevoss Capital had been among the many different buyers. At a shareholder assembly final month, it was introduced that Siu would maintain about 7.3per cent of Animoca Brands after the most recent funding spherical, the company stated.
“Animoca Brands has built and developed leading brands in the decentralized gaming and metaverse space,” stated Tyler Winklevoss, founding father of Winklevoss Capital and Gemini.
“We have tremendous conviction in its vision and are excited to support its mission.”
The company held reserves of digital belongings, corresponding to crypto tokens, price $15.9 billion on the finish of November 2021, up from $2.9 billion on the finish of September 2021, in line with its unaudited monetary statements.
Animoca Brands raised $216 million in 2021.
In November, SoftBank led a $93 million funding spherical in Animoca Brands’ subsidiary, The Sandbox.
The Sandbox’s token, “SAND”, is up greater than 8,500per cent up to now yr, in line with Coinbase.
(Reporting by Elizabeth Howcroft; Editing by Saikat Chatterjee and Tomasz Janowski)