Animoca Brands Raises $1 Billion For A New Web3 And Metaverse Investment Fund
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Key Points:
- Animoca Brands Corp. is seeking to raise around $1 billion this quarter for its new Web3 and metaverse investment fund.
- The firm plans to utilize the funding to help blockchain and metaverse firms.
According to a Bloomberg report, Yat Siu, the chair of the Hong Kong-based firm Animoca Brands, stated in a Twitter Spaces interview that it is now aiming to fund close to $1 billion for Animoca Capital this quarter.
Bloomberg reported that Animoca Brands Corp. is seeking to raise around $1 billion this quarter for its new Web3 and metaverse investment fund, drastically reducing its goals in light of the current collapse of the cryptocurrency market. It has reduced the amount that Animoca Brands hoped to raise for a new web3 and metaverse investment fund in half.
On December 30 last year, Animoca Brands, was launching a $2 billion fund to invest in metaverse startups, according to co-founder and executive chairmanĀ Yat SiuĀ in an interview withĀ Nikkei, noting that the fundās emphasis would be entirely on digital property rights.
As Bloomberg reported on January 5, 2023, Yat Siu, co-founder and chairman of Animoca Brands, said that Animoca Capital was in negotiations with possible investors and plans to utilize the funding to help blockchain and metaverse firms.
The announcement comes as the cryptocurrency market is still recovering from Sam Bankman-stunning Friedās FTXās crash in November. According to Siu, over a dozen of Animocaās portfolio firms were impacted.
Q1 is the goal and then letās see what happens, It is fair to say itās a challenging market. But we have quite a bit of interest.
Siu told Bloomberg of Animoca Capitalās plans
Animoca BrandsĀ is one of the most activeĀ Web3Ā investors. Its subsidiaries include metaverse game platforms TheĀ Sandbox, Blowfish Studios, Grease Monkey Games,Ā andĀ Eden Games,Ā in addition to investments. So far, the firm has been making more than 380 investments, which accounts for so great a haul of tokens.
Yesterday, Coincu reported that a total ofĀ $544 millionĀ was raised by Animoca from investors in 2022, includingĀ Temasek, Boyu Capital, GGVCapital, and others. The financing supports Animocaās initiatives to create theĀ Open MetaverseĀ and giveĀ Digital Property RightsĀ to all internet users worldwide.
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