Animoca Brands’ Japan unit bags $45m from parent firm, MUFG

Hong Kong blockchain-based gaming firm Animoca Brands‘ Japan unit, Animoca Brands KK, has raised US$45 million from its parent firm and Mitsubishi UFJ Bank (MUFG), lifting the unit’s valuation to US$500 million.

Yat Siu, CEO of Animoca / Photo credit: EJInsight

Animoca Brands and MUFG Bank split the investment equally, with both firms contributing US$22.5 million each. Animoca Brands has also been considering a deal with MUFG for NFT-related business opportunities, it said in a statement.

The fresh funds will be used to secure licenses for intellectual properties (IPs), develop internal capabilities, and promote the adoption of Web3.

Animoca Brands launched Animoca Brands KK earlier this year. Its aim was to build a blockchain-based platform that will help IP holders in the country build and expand fan communities via the issuing of their own NFTs and fungible tokens.

Motoki Tani, who was previously the managing director and senior portfolio manager of Millennium Capital Management, leads the Japanese unit. He also previously headed yen bond trading at JP Morgan.

See also: Animoca looks to forge metaverse rules with Web2 giants amid war of words (Updated)

In February, Animoca Brands KK raised US$10 million as part of its seed round from the MCP IPX One Fund, which was set up by MCP Asset Management and Animoca Brands.

Meanwhile, Animoca Brands raised US$75.3 million in July from investors including Liberty City Ventures, Kingsway Capital, and Alpha Wave Ventures.