Ethereum NFT Platform Immutable Closes $200M Raise

Immutable, an NFT- and crypto-gaming-focused scaling platform, has raised $200 million in Series C funding.

Immutable has announced the increase in a Monday tweet storm. Singapore’s state-owned investment company Temasek led the round, while a host of major crypto venture firms including ParaFi Capital, Alameda Research, and Arrington Capital also participated. 

The raise puts Immutable’s valuation at $2.5 billion, an approximately six-fold increase from the $410 million valuations the company landed at its previous funding round in September 2021. The company stated that it will use the capital to hire 200 additional employees over the next year, scale to satisfy the growing demand for its NFT platform, explore merger and acquistion opportunities, and expand into new verticals. 

“NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing,” Immutable’s co-founder and president, Robbie Ferguson, said on Twitter

Immutable’s flagship product is Immutable X, an Ethereum-based Layer 2 scaling protocol for NFTs. Immutable X leverages StarkWare’s ZK-Rollup solution, StarkEx. It allows for high-transaction throughput with no gas fees, instant trade confirmations, as well as instant withdrawals to Ethereum. The team also developed some of crypto’s most popular play-to-earn games, Gods Unchained and Guild of Guardians.

In February, the firm partnered with the world’s largest video game retailer, GameStop, to support its NFT marketplace launch alongside a $100 million fund dedicated to supporting blockchain game developers. Other notable companies building on Immutable’s Layer 2 scaling platform include TikTok, OpenSea, and Illuvium.

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