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Animoca Brands raises US$358m to fund open metaverse vision

NFT and blockchain firm is now valued at US$5bn after latest funding round.

19 January 2022 Steve McCaskill
Animoca Brands raises US$358m to fund open metaverse vision

Animoca Brands

  • Animoca Brands has raised US$600m to date
  • Helped create F1 Delta Time NFT game
  • Will use funding to expand growth and acquisitions

Animoca Brands has raised US$358 million in additional funding as it bids to create its vision of an ‘open metaverse’ based on blockchain technology.

The funding round was led by Liberty City Ventures, and included a range of new and existing investors, including Gemini Frontier Fund, Soros Fund Management, and Winklevoss Capital.

The Hong Kong-based Australian company has now raised US$600 million, of which more than US$200 million was raised only last year. This latest funding round means the firm now has a valuation in excess of US$5 billion.

Animoca Brands has invested in more than 150 non-fungible token (NFT) and blockchain-related technology firms, including the OpenSea marketplace and Dapper Labs, while it also offers products to help customers build metaverse worlds, digital tokens, and gaming experiences.

Its stated ambition is to provide true digital ownership of assets and data so they can be used across the metaverse without impediment.

The firm has several interests in the sports industry and has helped create NFT-based games for several motorsport entities, including Formula One, MotoGP, and Formula E. It also recently led a Series A funding round for Fan Controlled Football (FCF), which will have four teams controlled by NFT communities during its second season.

Animoca Brands says the new capital will be used to fund more acquisitions and investments, aid product development, and secure licences for popular intellectual properties.

“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,” said Yat Siu, co-founder and executive chairman at the company.

“We have set ourselves the ambitious goals of building an open Web 3.0 and facilitating an open metaverse that expands financial inclusion. In 2021 we saw tremendous growth in this space and Animoca Brands has been one of the forefront leaders in the development of this industry. 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.”

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