Animoca raises $358m to develop the metaverse

Metaverse pioneer wins support from a string of notable investors

People taking part in a virtual world                                 
Animoco plans to expand its vision of bringing digital property rights to online users. Photo: Shutterstock
                                

Popular blockchain and NFT gaming firm Animoca Brands has raised $358m at a $5bn valuation to build the next generation of the metaverse, the company said in a statement.

Animoca witnessed impressive growth in 2021, completing three funding rounds worth a total of $216m to build the metaverse – a three-dimensional, virtual world where everyone and everything is interconnected.

The company plans to expand its vision of bringing digital property rights to online users through the use of blockchain and NFTs.

Its latest round was led by New York-based investment firm Liberty City Ventures, with participation from C Ventures, 10T Holdings, ParaFi Capital, Sequoia China, Soros Fund Management and Winklevoss Capital, among other notable investors.

Animoca said the fresh capital will be used to build its product line and acquire licences for popular intellectual properties.

Building the metaverse

Animoca and its subsidiary brands are involved in a broad spectrum of industries. Its involvement includes partnerships with a variety of firms such as Disney and Formula One across the gaming, mobile and publishing sectors.

Animoca is also widely known for its investment capabilities and has invested in more than 150 NFT-related blockchain companies, including Dapper Labs and OpenSea.

Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “We are pleased to see continued and growing support from influential and strategic investors for Animoca Brands’ mission to deliver true digital property rights and build the open metaverse. 

“We have set ourselves the ambitious goals of building an open Web3 and facilitating an open metaverse that expands financial inclusion. 

"We believe we are still at the initial stages of a new Internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond.”

Tyler Winklevoss, founder of Winklevoss Capital and Gemini, added: “Animoca Brands has built and developed leading brands in the decentralised gaming and metaverse space. We have tremendous conviction in its vision and are excited to support its mission.”

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