Blockchain gaming unicorn Animoca Brands has secured US$110 million from investors including Temasek, GGV Capital, True Global Ventures (TGV), and Boyu Capital.
Photo credit: Animoca Brands
As part of the fundraising, True Global Ventures’s TGV 4 Plus Fund and TGV 4 Plus Follow On Fund poured US$17.2 million in convertible notes into Animoca Brands.
Animoca is the company behind titles such as The Sandbox and the REVV ecosystem of racing games. It’s also an investor in NFT major OpenSea and decentralized autonomous organization Yield Guild Games.
The latest investment will be used to deliver digital property rights as the company looks to create play-to-earn economies and an equitable framework that can contribute to the open metaverse.
“[Animoca] is one of the big winners of the market correction and is likely to emerge stronger from this down market similarly to how companies like Amazon emerged from the dotcom crash,” said TGV general partner Dusan Stojanovic.
The investment in Animoca marks Temasek’s latest cash infusion in the blockchain space, following its investment in crypto lender Amber Group’s US$200 million round. However, Temasek previously stated that it doesn’t directly invest in any specific cryptocurrency.
See also: Animoca looks to forge metaverse rules with Web2 giants amid war of words (Updated)
The deal comes after Animoca raised US$75 million at a valuation of US$5.9 billion in July, with participation from investors including Liberty City Ventures, Kingsway Capital, and Alpha Wave Ventures.
Animoca’s Japanese unit, Animoca Brands KK, also secured US$45 million from its parent firm and Mitsubishi UFJ Bank, lifting the unit’s valuation to US$500 million.
Editing by Miguel Cordon and Jaclyn Tiu
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