Animoca has doubled its valuation after raising $75 million in a funding round that began back in Jan. The firm says it will use the funds to continue its plan of aggressive expansion.
Animoca, a leading investor in the metaverse, non-fungible tokens (NFTs), and blockchain gaming, has announced the successful completion of a $75 million raise which gives the company a valuation of $5.5 billion.
The statement issued by Animoca revealed that participants of the round included Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, and Generation Highway among others.
Animoca Brands added that this was merely a completion of Jan’s funding round “which was extended to accommodate due diligence processes.”
In Jan, Animoca Brands netted $360 million, but investors slowed down to assess the markets before tying up loose ends.
The firm confirmed that the funds will be plowed into funding strategic acquisitions, product development, improving the metaverse, and advancing the cause of digital property rights for online users.
Animoca Brands assumes leading role in Web3 drive
The latest funding round has drawn commentary from all sides of the crypto industry. Yat Siu, CEO of Animoca Brands, stated that the company was “deeply honored” by investors’ belief in the face of a crypto winter.
Siu added that the raise will “solidify the leadership position of Animoca Brands in the Web3 industry”.
Emil Woods, of Liberty City Ventures, was praised the work of Animoca Brands, while Manuel Stotz of Kingsway Capital noted that his firm was “thrilled” to continue working with the firm.
Animoca Brands has spread its tentacles across the broader crypto ecosystem. The company’s portfolio includes over 150 NFT-related projects including OpenSea, Axie Infinity, Sandbox, and Dapper Labs.
Raising funds in the middle of winter
According to experts, the flow of funds to established firms in the industry is proof that the institutional investors are widely optimistic that the current state of the industry is only a blip in a bigger picture.
Andreessen Horowitz, a leading venture capital firm, announced a $4.5 billion fund that will invest in Web3 companies. The firm noted that a bearish market was the best time to build, while expressing optimism that the world is approaching the “golden era of Web3.”