Animoca Brands expands MENA footprint with investment in UAE gaming firm

Animoca Brands co-founder and executive chairman Yat Siu / Photo credit: Animoca Brands

Over the past few months, Animoca Brands has led a US$8 million round in Pixelmon and a US$3 million one into Japan-based startup Gacha Monsters, while also participating in an oversubscribed funding round into Singapore-based Imaginary Ones.

Now, the Hong Kong-based blockchain gaming and NFT firm has continued its prolific streak with a strategic investment into Param Labs, a gaming infrastructure startup from the United Arab Emirates.

The deal, whose amount is undisclosed, aims to accelerate Param Labs’ scalable Web3 infrastructure while expanding an ecosystem that includes over 50 intellectual property partnerships. This follows a recent partnership announcement between both companies.

Param Labs is a game development company specializing in multiplayer blockchain games and AAA design, which refers to high-budget games distributed by high-profile publishers. The firm’s flagship title Kiraverse is a multiplayer Web3 game of the third-person shooter genre. Players can compete, earn, and trade unique digital assets like characters and skins.

The company also offers a service called Pixel to Poly, which lets gamers transform 2D images into 3D playable characters. In addition to Kiraverse, the service is also compatible with Web2 games such as Grand Theft Auto V and Fortnite.

GameStop, Pudgy Penguins, and Mocaverse are among the partner brands of Param Labs, which has also partnered with global esports organizations to promote Web3 ecosystem growth.

This investment expands Animoca Brands’ presence in the Middle East and North Africa. Previously, the firm raised US$50 million from Neom, the Saudi Arabian government’s smart city project, to promote Web3 development in the area.

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