Temasek, Tencent back $200m round of Australian NFT startup

Immutable, an Australia-based blockchain startup, has raised US$200 million in a series C round led by Temasek, with participation from Animoca Brands and Tencent.

The deal pushes the company’s valuation to US$2.5 billion.

Immutable’s leading team (from left): John Boris, Katherine Rau, Robbie Ferguson, James Ferguson, Alex Connolly, and Gill Findlay / Photo credit: Immutable

Founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly, Immutable’s main offering is a platform called Immutable X that helps companies build NFT trading services. The firm also develops and publishes NFT games such as Gods Unchained and Guild of Guardians.

In a statement, the startup said its platform can process 9,000 transactions per second with zero gas fees. It currently counts prominent companies such as GameStop, TikTok, OpenSea, and VeeFriends as its clients.

Along with the announcement, Immutable also named four new C-level hires: Airtree Ventures partner Gill Findlay as COO, former IfOnly CEO John Boris as chief growth officer, former Riot Games executive Justin Hulog as chief studio officer, and former Culture Amp executive Katherine Rau as chief people officer.

Immutable aims to use the fresh funds to expand globally, further develop Immutable X, scale its gaming arm, tap new verticals, and explore M&A opportunities. It also plans to hire 200 new employees over the next 12 months, adding to its current headcount of 165.

See also: The Philippines: Asia’s next crypto hub?

Other investors in Immutable’s latest round include:

• ParaFi Capital
• Princeville Capital
• Arrington Capital
• Mirae Asset
• Liberty Global
• King River Capital
• Prosus Ventures
• AirTree Ventures
• Declaration Partners
• Fabric Ventures
• Possible Ventures
• Alameda Research