By Mark Ackman
Animoca Brands, the blockchain gaming publisher, recently announced that it had managed to raise $110 million via a funding round.
Convertible notes had been issued by the company to a handful of institutional investors for raising the funds and the round was led by prominent names like GGV Capital, Boyu Capital, and Temasek.
More funding
The end of August had seen Animoca Brands raise a sum of $100 million through a funding round that involved Temasek and others.
Now, it appears that the company conducted yet another funding round, which it announced on September 8th, and it was able to raise funds of about $110 via its most recent round.
Other than the companies mentioned earlier, some of the other participants of the latest funding round included True Global Ventures and Mirae Asset Management.
During the crypto winter, the Hong Kong-based company has managed to expand significantly thanks to several funding rounds.
The venture capital, NFT, and crypto gaming company’s Japanese subsidiary is recognized as Animoca Brands KK.
It was also able to raise funds of about $45 million from MUFG, which is the largest bank in Japan, and also from its parent company, AB.
The plans
In its latest announcement on Thursday, Animoca Brands stated that the company would get advice from GGV Capital, Boyu Capital, and Temasek.
It also said that these companies would also share their input on Animoca Brand’s capital and business plans.
The Web3 and blockchain firm intends to use the fresh capital for product development, strategic investments, and acquisitions and also obtain licenses for renowned intellectual properties.
Apart from that, the company is also planning on giving the open metaverse a boost.
The executive chairman and co-founder of Animoca Brands, Yat Siu said that the last 12 months had seen the company record a significant amount of growth.
Siu said that the company had grown significantly in the last year and their new investors would help in providing strategic perspective and advice to help them in building the leading company in the world.
Slide in Web3 and NFTs
After hitting new highs in the previous year, Web3 and non-fungible tokens (NFTs) have seen their market value slide, along with overall interest, this year.
Statistics show that in the last 30 days, NFT sales have gone down by almost 20.05%. Likewise, Web3 had been highly popular in December last year.
But statistics show that its popularity is also declining and interest in NFTs also appears to be waning.
Despite all of these challenges, it seems that Animoca Brands has managed to survive the downturn and it was also able to secure funds of $75 million in July.
In the last two years, the company was able to build a war chest of funds and a recent report also indicated that Animoca Brands is also exploring the possibility of an initial public offering (IPO).
According to the data, the Web3 company and blockchain gaming publisher has managed to raise funding of about $775.3 million since it was launched in 2014.