Animoca Brands’ valuation hits $5b with new funding

Animoca Brands, a Hong Kong-based blockchain gaming firm, has raised US$359 million in a round led by Liberty City Ventures.

Photo credit: Animoca Brands

Sequoia China and Winklevoss Capital also joined the fundraise, which values Animoca at US$5 billion.

In October 2021, the firm secured US$65 million from Ubisoft, Sequoia, and other investors at a valuation of US$2.2 billion. Animoca raised a total of US$216.3 million from different funding rounds last year.

The company is looking to tap into the booming video game market, which was estimated to be worth US$180.3 billion in 2021. It is also eyeing the metaverse, whose market size is expected to hit US$829 billion by 2028.

Animoca has established its name in the blockchain universe through a series of successful projects such as The Sandbox, REVV, and more. Besides project development and publishing, the company has invested in a slew of NFT and metaverse-based firms such as OpenSea, Dapper Labs, and Yield Guild Games.

Animoca said it will use the capital for strategic acquisitions and investments, product development, and licenses for intellectual properties.

“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,” Yat Siu, the company’s co-founder and executive chairman, said in a statement.

See also: Sea could be massive in the metaverse if it wants to be

Other investors in this round include:

• 10T Holdings
• C Ventures
• Delta Fund
• Gemini Frontier Fund
• Gobi Partners Greater Bay Area
• Kingsway
• L2 Capital
• Mirae Asset
• Pacific Century Group
• ParaFi Capital
• Provident
• Senator Investment Group
• Smile Group
• Stable Asset Management
• Soros Fund Management
• Wildcat Capital Management