Blockchain game publisher Animoca Brands announced that the company raised $110 million in a funding round led by Temasek, Boyu Capital and GGV Capital. The company raised the funds by issuing convertible notes to a handful of institutional investors.
Animoca Brands raises $110 million from strategic investors
Animoca Brands raised another $110 million this month after the company secured $100 million from Temasek and others in late August. The latest capital raise, announced on September 8, explains that Temasek, Boyu Capital and GGV Capital led the round, with Mirae Asset Management and True Global Ventures also participating.
Hong Kong-based crypto gaming, NFT and venture capital firm Animoca Brands (AB) has managed to grow through a number of investment rounds amid the crypto winter. The company’s Japanese subsidiary, known as Animoca Brands KK (Animoca Brands Japan), raised $45 million from Japan’s largest bank MUFG and Animoca Brands KK’s parent company AB.
In the latest announcement revealed on Thursday, Animoca Brands said that Temasek, Boyu Capital and GGV Capital will provide advice to the company and that the companies will give their “contribution on [Animoca Brands’] business and capital plans. The Web3 and blockchain game publisher plans to use the new capital for “strategic acquisitions, investments and product development, secure licensing of popular intellectual properties.”
Additionally, the announcement sent to Bitcoin.com News details that the company aims to bolster the open metaverse. Yat Siu, co-founder and executive chairman of Animoca Brands, said the company has seen notable growth over the past 12 months.
“Animoca Brands has grown significantly as a company over the past year, and our new investors will provide strategic guidance and perspective as we build the world’s first company to promote digital property rights in the industry. Web3,” Siu said in a statement.
Web3, NFT Markets and Interest Slide, Report Says Company Considering IPO
Non-Fungible Tokens (NFTs) and Web3 have seen a significant decline in market value and general interest in 2022 from the highs of last year. Over the past 30 days, NFT sales data from cryptoslam.io shows monthly NFT sales hit $543.77 million, but are down 20.05% from $680.12 million. dollars from the previous month.
On Google Trends (GT), the search term “Web3” reached the highest score of 100 during the week of December 19-25, 2021. Data for September 4-10, 2022 indicates that the query “Web3” has a GT World score of 67 today. The search term “NFT” is even lower because the week of September 4-10 shows a score of around 14.
Animoca Brands managed to avoid the downturn and secured $75 million in mid-July as the company secured a war chest over the past two years. According to a report by Forbes, Animoca Brands is considering a possible initial public offering (IPO). Data from Crunchbase indicates that the blockchain game publisher and company Web3 has raised $775.3 million since its inception in 2014.
What do you think of Animoca Brands raising $110 million from investors? Let us know what you think about this topic in the comments section below.
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