Animoca Brands, a leader in the Web3 game ecosystem, has raised more than $75 million in an investment as it looks to boost development of the open metaverse.
The company, which has made several key investments across projects such Axie Infinity, OpenSea, Yield Guild Games, Dapper Labs (NBA Top Shot), Eden Games and Harmony, has raised the funds just slightly under seven months after securing nearly $359 million at a $5 billion valuation.
Investors in Animoca’s latest funding included Liberty City Ventures, SG Spring Limited Partnership Fund, Kingsway Capital, 10T, Alpha Wave Ventures, Generation Highway Ltd and Cosmic Summit Investments Limited among others, the firm said in a blog release.
Advancing the open metaverse
Animoca Brands, which is taking a major lead in the establishment of the open metaverse via multiple initiatives in blockchain, digital entertainment, and gamification, says it will use the fresh capital to further this goal.
“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership,” said Yat Siu, the co-founder and executive chairman of Animoca Brands.
According to the company, the money will go into strategic acquisitions, product development and investments in the space.
The firm will also use the funds to secure intellectual properties licences, with key areas of advancement being blockchain and NFTs, DeFi, GameFi and asset interoperability.