Metaverse project The Sandbox reaches $1b valuation cap with $20m raise

Photo credit: Ira Lichi / Shutterstock

The Sandbox, a metaverse project by Animoca Brands, has raised US$20 million in a funding round, boosting the company’s valuation to a US$1 billion cap.

The round was led by Kingsway Capital and Animoca Brands, with investments from LG Tech Ventures and True Global Ventures.

The Sandbox is one of the larger projects within Animoca Brands’ portfolio. The platform enables gamers and creators to craft 3D worlds and game experiences. It also lets them store, trade, and monetize their projects.

The new funding will bolster the platform, create better opportunities for creators, and diversify gameplay modes. This includes updating creator tools like Game Maker and VoxEdit 3D editor.

Launched in November 2023, Animoca said The Sandbox has already showcased 1,000 user-generated experiences on its virtual map. It has onboarded over 5.7 million users with linked crypto wallets, and over 60,000 avatar NFTs have been bought for use in its virtual realm.

The firm has also established partnerships with over 400 global brands, including Warner Music, Ubisoft, and Gucci.

The Sandbox previously raised US$93 million in a series B funding round led by SoftBank Vision Fund 2. This marked the Japanese fund’s first investment into crypto assets.

See also: How the maker of movie franchise Ah Boys to Men is hopping onto Web3