Animoca Brands raises $75M to hit $5.9 billion valuation

Animoca Brands Raises $75M to Hit $5.9 Billion Valuation

NFT and blockchain game developer Animoca Brands has raised $75 million in another strategic funding round at a valuation of $5.9 billion

On Tuesday, the company behind Sandbox announced the fundraising that saw participation from Liberty City Ventures, Alpha Wave Ventures, SG Spring, Kingsway Capital, 19T and others.

“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”

wrote the company in a blog post

The funding is the second tranche of the $358.8 million raised in January, supported by several venture funds, including ParaFi Capital, Winklevoss Capital, Sequoia China and 10T Holdings.

According to co-founder Yat Siu, the second round was delayed because of worry among some investors due to the market uncertainty sparked by the collapse of TerraLuna.

“We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership”

said Siu. 

Despite the market downturn, Animoca is one of the few companies actively involved in raising funds and extending its portfolio. 

In April, the Hong Kong-based company acquired a sizeable stake in Be Media, an Australian digital marketing agency, in a bid to support the local blockchain industry. It also bought video game developers Eden Games and Darewise Entertainment in the same month. 

Animoca has invested in over 340 companies to fulfil its vision of Web3. Its enviable portfolio includes blockchain projects such as Axie Infinity, The Sandbox, Revv Motorsport, Dapper Labs, Revv Racing, and Opensea, the biggest NFT trading platform. 

Siu insists that Animoca’s investors have a “very long view” and believe in blockchain’s capabilities to bring radical changes in society. 

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James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi with over 4 years of experience in the industry. You'll spot him covering all topics through-out Coinmash in our guides and analysis sections.