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Animoca Brands raises US$100m in strategic funding round

Blockchain gaming specialist secures new investment from Temasek, Boyu Capital and GGV Capital.

12 September 2022 Rory Jones

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Animoca Brands has raised US$110 million in a strategic funding round, with new investment from Temasek, Boyu Capital and GGV Capital as the blockhain specialist issued convertible notes to a small number of institutional investors at a conversion price of AUS$4.50 (US$3.10).

Returning investors Mirae Asset Management and True Global Ventures (TGV) also increased their backing of the Hong-Kong based metaverse and blockchain gaming firm.

Animoca Brands confirmed the new investment will help fund strategic acquisitions, investments, product development, obtaining licenses for intellectual property and expand further into the metaverse space.

“We are incredibly pleased to complete a special strategic round of fundraising comprising several of the most respected institutional investors in the world, and we are honored by the continued support from existing investors,” said Yat Siu, Animoca Brands co-founder and executive chairman.

“Animoca Brands has grown significantly as a company in the last year, and our new investors will contribute strategic advice and perspective as we build the world’s leading company furthering digital property rights in the Web3 industry.”

The notes issued by Animoca may be converted at any time prior to the maturity date at the lower of AUS$4.50; the price per share offered in an initial public offering (IPO); the share price based on the pre-money valuation during a liquidation event, such as a sale or merger; or the lowest price per share issued in any equity financing round.

Animoca also issued warrants to the same investors for a total face value of US$55 million, subject to the same conversion price as the notes, which expire 60 days after the date of conversion of the notes; the date an IPO or liquidation event is completed; or three years from the date of issuance of the notes.

In January, the NFT gaming company raised US$358 million in a funding round that would value the company at more than US$5 billion.

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