The venture capital firm Animoca Brands has confirmed in a recent announcement that it has secured a $110 million funding deal involving Boyu Capital, CGV Capital, and Temasek.
Animoca Brands Wrapped New Funding Round
According to the company, the recent funding partnership comes in the form of an asset issuance which the firm may choose to convert into equity in the future. Meanwhile, this type of fundraising is usually done when a company is not prepared to dissolve its shares.
In addition, it may also happen when a firm cannot raise the required equity capital for its operation.
Animoca Brands has experienced a spike in its growth as a venture capital issuer over the past year. Investors are increasingly contributing their funds and giving strategic advice to the company.
The firm’s co-founder, Yat Siu, noted that Animoca Brands aspire to be the leading company in the digital asset industry. And to achieve this, it intends to leverage the digital property rights in the Web3 space to provide top-notch services to its clients.
Furthermore, the company revealed that it intends to use the new funding to expand its acquisitions, product development, investment, and license for its intellectual properties.
More importantly, it also plans to advance its metaverse experience through enhanced efforts ro promote digital property rights.
Meanwhile, as reported by Bloomberg, the previous funding was valued at $100 million. The latest funding round complements the January move, where Animoca Brands raised $359 million. In addition, the company top-up the deal in July by raising $75 million. Ultimately, the July move brought the total funding valuation to close to $6 billion.
About eight investors took part in the July investment phase, which paved the way for the latest deal raise.
Animoca’s Crypto and NFT Drive
As a leader in blockchain gaming and crypto investment products, Animoca Brands has carved a niche for itself. The company has a massive portfolio of more than 150 investments in crypto and NFT-related projects. It also has some stakes in decentralized projects that contribute to developing the open metaverse.
Moreover, as a leading investor in the NFT, metaverse, and blockchain gaming space, the company has plowed its funds into numerous projects since the start of the year.
The crypto Industry has noticed the company’s leadership role in the Web3 ecosystem. And despite the crypto winter, investors’ belief in the company is yet to drop.
Furthermore, the fund’s inflow to the company amid the biting crypto winter points to the institutional investor’s optimistic faith in the industry.
The company has plunged funds building its crypto gaming and signing a strategic partnership with Industry players.
One of its widely praised investments is the Formula one (F1) racing game.
Integrating its NFT collectibles into sports franchises means that Animoca Brands will benefit from the billions of sports NFT transactions.
Meanwhile, the latest deal has pushed the company’s total funding to more than $600 million.
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