SoftBank leads $93m round of metaverse platform Sandbox

The Sandbox (Sandbox), an Animoca Brands subsidiary that operates a virtual metaverse where players can build and monetize non-fungible tokens (NFTs), has raised a total of US$93 million in its series B round.

SoftBank Vision Fund 2 led the latest fundraise, marking the Japanese fund’s first investment into crypto assets. True Global Ventures 4 Plus (TGV 4 Plus) Fund, a Singapore-headquartered venture firm, pitched in with US$10 million in the round, the fund said in a statement.

Animoca Brands, Liberty City Ventures, Galaxy Interactive, Kingsway Capital, LG Technology Ventures, Polygon Studios, and Samsung Next also joined the round.

Image credit: True Global Ventures

Sandbox plans to use the new capital to scale its growth as it expands into categories outside of gaming, namely fashion, architecture, and virtual concerts, the company’s co-founder and chief operating officer Sebastien Borget told Reuters in an interview.

The firm operates a platform where players and creators can design, store, trade, and monetize 3D worlds and game experiences. It has partnered with over 165 brands so far, including the likes of musical artists Snoop Dogg and Deadmau5 as well as intellectual property such as Care Bears, The Smurfs, and Shaun the Sheep.

According to TGV 4 Plus’ statement, Sandbox has generated over US$144 million in gross merchandise value to date, with more than 500,000 users having connected their crypto wallets to its platform.