The venture capital firm Animoca Brands has revealed in a recent release that it has secured a $110 million investment agreement involving Boyu Capital, CGV Capital, and Temasek.
New Funding Round for Animoca Brands Completed
The company claims that the most recent finance agreement is structured as an asset issuance that could be converted into stock in the future. Meanwhile, this sort of fundraising is frequently done when a corporation is not prepared to dissolve its shares.
When a company lacks the equity capital necessary to function properly, this may also occur.
Animoca Brands’ rise as a venture capital issuer has skyrocketed in the past year. There has been a notable uptick in the number of investors providing financial backing and input on the company’s strategic direction.
In an interview, Yat Siu, the company’s co-founder, said that one of Animoca Brands’ goals is to become the dominant player in the digital asset market. It plans to do this by utilizing its ownership of Web3 IP to give its customers with the best service possible.
The company also stated that it plans to use the fresh capital to increase its investment in research and development, as well as the licensing of its intellectual property.
More crucially, it also wants to develop its metaverse experience through enhanced efforts ro support digital property rights.
Previously, Bloomberg stated that the funding was worth $100 million. This new capital round follows Animoca Brands’ $359 million acquisition in January. The acquisition was bolstered by an additional $75 million in funding that the company secured in July. Final fundraising valuation reached around $6 billion after the July shift.
The latest round of funding was made possible by the participation of about eight investors in the July investment phase.
Animoca’s Crypto and NFT Drive
Animoca Brands has established itself as an industry frontrunner with its blockchain-based gaming and cryptocurrency investment offerings. The firm has invested in over 150 different blockchain and NFT initiatives. Additionally, it participates in various decentralized projects that advance the open metaverse.
Also, from the beginning of the year, the corporation has been a major investment in the NFT, metaverse, and blockchain gaming sectors, thus contributing to a wide variety of initiatives.
The crypto sector has taken note of the company’s pioneering work in the Web3 ecosystem. Not even the crypto cold has caused investors to lose faith in the firm.
In addition, the fact that the fund has been flowing into the company during the harsh crypto winter demonstrates the institutional investor’s confidence in the sector.
The company has made a major financial commitment to develop its crypto gaming platform and secure key partnerships within the industry.
Its investment in Formula One (F1) Racing has been particularly well received.
Animoca Brands may capitalize on the billions of dollars in NFT transactions in sports by incorporating its collectibles into sports franchises.
Meanwhile, with this current acquisition, the company has raised over $600 million in capital.