TGV pumps $21m into Animoca in its largest investment yet

True Global Ventures (TGV) has pumped US$21 million more into blockchain-gaming unicorn Animoca Brands – the VC’s largest investment yet into a single company.

Animoca CEO Yat Siu / Photo credit: EJInsight

This round followed an earlier US$17 million infusion, with the Investments being made through TGV’s 4 Plus Fund and its Follow On Fund in the second and third quarters of 2022. TGV has been backing Animoca since early 2019.

Earlier this month, Animoca Brands raised US$110 million from investors, including Temasek, GGV Capital, and Boyu Capital. TGV had also invested in Animoca during that round.

The deal follows Animoca’s US$75 million fundraise in July 2021 at a valuation of US$5.9 billion.

Animoca’s titles include The Sandbox and the REVV ecosystem of racing games. The company has also invested in other Web3 ventures, including NFT marketplace OpenSea and decentralized autonomous organization Yield Guild Games.

The company earmarked the fresh capital for digital property rights as it aims to create play-to-earn economies and a framework that can contribute to the open metaverse.

Besides Animoca Brands, TGV 4 has invested in other startups in the Web3 space, including Animoca Brands’ subsidiary The Sandbox, Forge Global, Chromaway, Coinhouse, GCEX, Chronicled, Enjinstarter, Iomob, and Dedoco.

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