Animoca Brands Raises $75 Million As VCs Defy Bear Market
Hong Kong-based gaming and venture capital firm Animoca Brands has raised $75.32 million. Liberty City Ventures, Kingsway Capital, and Alpha Wave Ventures were among the lead investors. Other investors were 10T, SG Spring Limited Partnership Fund, Generation Highway Ltd, and Cosmic Summit Investments Limited. The most recent funding round came with the company’s valuation at $5.9 billion.
Raising such an amount at such a time underpins the company’s growing appeal. This is especially true considering that the company raised $359 million in January at $5 billion valuation. It’s worth noting that the cryptocurrency industry was in a much better place back then as well.
Animoca Brands epitomizes defiance of the bear market
Although the market has experienced a huge decline, the company’s value has risen by $900 million. Funding for strategic acquisitions, investments, and product development will continue to be strong, thanks to the extra funds. Through its work on behalf of internet users’ digital property rights, the open metaverse will also benefit.
Animoca Brands says that following this share price increase, it will have 1,836,142,334 fully paid ordinary shares issued. To raise the funds, the company signed subscription agreements with investors at a price of $3.03 USD per share. This resulted in the issuance of 23,237,058 additional shares. As of January, the company’s value was about $5 billion after it raised $359 million in new capital.
Everyone who uses the internet will almost certainly feel the impact of generational transition in digital property rights, which will set the stage for the open metaverse. Digital asset market bearishness hasn’t dampened the appetite of established companies for funding, as evidenced by this latest round of funding. The Sandbox, which is owned and operated by Animoca Brands, is the company’s flagship product. It is a game in which players may purchase non-fungible tokens (NFTs) representing parcels of virtual land using cryptocurrency.