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Investor in non-fungible tokens (NFT) and blockchain gaming, Animoca Brands has ended another strategic funding round, bringing in new capital to continue its expansion in the metaverse sector.
The Hongkong based company on Tuesday announced the closing of a $75.32 million funding round at a pre-money valuation of $5.9 billion.
The round included participation of Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 19T, SG Spring Limited Partnership Fund and others and represents Animoca’s “second tranche” of funding following a $358.8 million raise in January backed by venture giants Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings.
In a press release, the metaverse investing giant said it will “use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users.”
Yat Siu, co-founder and executive chairman of Animoca Brands, commented:
“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.”
Emil Woods, managing partner of Liberty City Ventures, commented:
“Over the next decade, humanity will discover and embrace the game changing power that blockchain based digital ownership of assets will bring to countless aspects of daily life. We are proud to support Animoca Brands, a highly talented team of visionaries and builders at the forefront of this movement to embrace and fulfil the promise of Web3.”
Despite recent crypto market turmoil, Animoca has been actively expanding its interests in the metaverse and blockchain gaming sector this year.
With a reported portfolio worth over $1.5 billion month ago, Animoca Brands has acquired a significant stake in Australian digital marketing agency Be Media in April of this year. In the same month, the firm acquired two large video game publishers, Eden Games and Darewise Entertainment.
In June, Animoca took a 84.1% stake in TinyTap, an educational content technology company, in exchange for $38.88 million in cash and shares.
Just this month, a new partnership dubbed MetaHollywood purchased land in The Sandbox to develop a first-of its-kind virtual Hollywood-themed backlot movie studio in the metaverse.