Crypto gaming startup Animoca Brands raises $110M to advance digital property rights and build the open metaverse
Private investments in technology startups have cooled down significantly in recent months due to the looming recession in the US and the global economic downturn. The crypto winter is impacting funding for crypto-related startups. Funding in crypto startups fell 26% last quarter from the one prior. But that has not stopped one Hong Kong-based crypto startup from raking millions in new funding.
Today, crypto gaming developer Animoca Brands announced it has raised $110 million in a strategic funding round led by Temasek, Boyu Capital, GGV Capital, with participation from existing investors including Mirae Asset, and True Global Ventures.
The company said the fundraise values the company “similar to its previous funding round” but did not specify its new valuation. It was last valued at around $5.5 billion back In July.
Animoca Brands will use the new capital infusion to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented, “We are incredibly pleased to complete a special strategic round of fundraising comprising several of the most respected institutional investors in the world, and we are honored by the continued support from existing investors. Animoca Brands has grown significantly as a company in the last year, and our new investors will contribute strategic advice and perspective as we build the world’s leading company furthering digital property rights in the Web3 industry.”
Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users.
The Company has established itself as one of the world’s leading technology groups in blockchain and gaming by spearheading and innovating decentralized in-game rewards and monetization in video games for the emerging open metaverse.
Using technologies including blockchain and NFTs, Animoca Brands is working to deliver true digital ownership of users’ virtual assets and data, enabling various DeFi and GameFi opportunities (including play-and-earn), asset interoperability, and an open framework that can lead to greater equitability for all participants in the open metaverse.
Founded in 2014 by Yat Siu, Animoca Brands focuses on driving digital property rights via NFTs and gaming to help build the open metaverse. Animoca Brands was also a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.
The company develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E.
Animoca also has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Grease Monkey Games, Eden Games, Darewise, Notre Game, TinyTap, and Be Media. Animoca Brands has a growing portfolio of more than 340 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.