The massive amount of capital will assist the company in consolidating its leadership position in the Web3 industry.
Animoca Brands, Hong Kong-based blockchain gaming firm and crypto investor, has recently announced that it raised over $75M in a funding round, arriving at a $5.9B valuation.
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According to the official announcement issued on July 12th, the fundraiser saw participation from numerous investors, including Liberty City Ventures, Alpha Wave Ventures, 19T, 10T, Kingsway Capital, SG Spring Limited Partnership Fund, Cosmic Summit Investments Limited, and others.
As stated in the report, the gaming giant will leverage millions of dollars collected to boost its product, score various licenses, make strategic investments and acquisitions, as well as advance the concept of the metaverse.
It seems as though the current crypto bear market hasn’t fazed the venture studio at all, as it continues making numerous investments. However, Yat Siu, co-founder and chairman of Animoca, mentioned that the harsh market conditions still forced the firm to become “more prudent.” He added:
“There is no question that the fundraising environment has become more challenging, but at the same time the current crypto climate has also enabled some users to gain a better entry point to the open metaverse.”
Back in March, the metaverse-based financial app Cyan collected $100K in a pre-seed round led by Animoca Brands. On top of that, the gaming company also recently lent a helping hand to the P2E platform Health Hero to help secure its seeding round.
On top of that, the blockchain game producer has also expanded its portfolio by sealing deals left and right. For instance, earlier this year, Animoca Brands acquired racing game publisher Eden Games and purchased over 80% of educational tech firm TinyTap.
