NFT & Blockchain Gaming Firm, Animoca Brands Raises $75M

Hong Kong-based crypto gaming, NFT, and venture capital firm Animoca Brands has secured $75.32 million.

Investors including Cosmic Summit Investments, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, and Generation Highway Ltd. contributed to the recently raised funds.

The new money, according to Animoca Brands, would be used to support “strategic acquisitions, investments, and product development, acquire licenses for well-known intellectual properties (IP), and expand the open metaverse.” With the money, the company also intends to strengthen the advocacy of digital property rights.

Yat Siu, the co-founder and executive chairman of Animoca Brands, remarked on the topic of digital property rights and the Web3 industry, claiming that they depict a generational change that will have a major effect on society as a whole and pave the way for the emergence of the open metaverse.

The company feels incredibly privileged to have investors’ continued support as we endeavor to firmly establish Animoca Brands’ leadership position in the Web3 sector and the area of true digital ownership.

The $358 million in cash secured by Animoca in January was followed by the $75 million acquired today. At the time, Animoca stated that the $358 million would be used to finance more NFT and metaverse adoption, as well as acquisitions and IP licenses.

Blockchain initiatives like The Sandbox, Tower Experiment, Tiny Tap, Arc8, Revv Motorsport, and Revv Racing are the creations of Animoca. Additionally, the business has made investments in Web3 and cryptocurrency firms like NBA Top Shot, Opensea, and Sky Mavis.

Emil Woods, managing partner of Liberty City Ventures, considers Animoca Brands to be a trailblazer in the blockchain, NFT, and gaming industries.

According to Woods, society will embrace the concept of digital property and ownership made possible by blockchain technology over the next ten years.

During the fundraising announcement for Animoca, Woods said, “Humanity will learn and accept the game-changing potential that blockchain-based digital ownership of assets will provide to innumerable parts of daily life.”

The gaming industry has been developing continuously. Different kinds of games are now accessible online because of the development of the internet. Animoca may grow and promote the use of blockchain-based games through this financing, especially among young people.

Get latest news from African Startup ecosystem

Latest stories

You might also like...