The game software company intend to utilise the proceeds to fund strategic acquisitions and product development
The funding round is led by Liberty City Ventures. (Credit: Reto Scheiwiller from Pixabay)
Hong Kong-based game software company Animoca Brands has raised $358.8m in a funding round that valued the company at more than $5bn.
Led by Liberty City Ventures, the round saw participation from other investors including 10T Holdings, C Ventures, Delta Fund, Gemini Frontier Fund, Gobi Partners Greater Bay Area, and Kingsway, among others.
Animoca Brands intend to utilise the proceeds to fund strategic acquisitions and investments, product development, and licenses for popular intellectual properties.
The company is engaged in building the open metaverse by bringing digital property rights to online users with blockchain and NFTs.
Animoca Brands co-founder and executive chairman Yat Siu said: “We are pleased to see continued and growing support from influential and strategic investors for Animoca Brands’ mission to deliver true digital property rights and build the open metaverse.
“We have set ourselves the ambitious goals of building an open Web3 and facilitating an open metaverse that expands financial inclusion. In 2021 we saw tremendous growth in this space and Animoca Brands has been one of the forefront leaders in the development of this industry.
“We believe we are still at the initial stages of a new Internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond.”
Animoca Brands raised a total funding of $216.28m last year, while its subsidiary The Sandbox secured $93m.
The company and its subsidiaries offer a portfolio of game products, both centralised and decentralised, with coverage across primary platforms including mobile devices, game consoles, PC, web, and blockchain.
Its subsidiaries include Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Lympo, and Bondly.
Animoca Brands operates Launchpad Luna, an accelerator for startups in the blockchain and NFT space, in partnership with Brinc.
Liberty City Ventures managing partner Murtaza Akbar said: “The trailblazing Animoca Brands is demonstrating to the world the game-changing characteristics of Web3 and the open metaverse.
“Animoca Brands is championing a more decentralized, open, fairer, and more inclusive future where everyone can truly own their digital goods and benefit from them accordingly.
“We are extremely proud to be working with Yat and his world-class team to build the future of asset ownership and management.”
Animoca Brands was advised and assisted by Everest Ventures Group in the latest capital raise.