Business News Report
January 05, 2023

Animoca Brands shares plans to raise $1 billion instead of $2 billion

Hong Kong-based game developer Animoca Brands announced its plans to raise $1 billion for its venture fund Animoca Capital

Hong Kong-based game developer Animoca Brands announced its plans to raise $1 billion in funding instead of $2 billion as planned. 

The company was founded in 2014 by Yat Siu and has acquired numerous web3 companies since. Among its subsidiaries are Be Media, Grease Monkey Games, TinyTap, Eden Games, Darewise Entertainment, and PIXELYNX, which was acquired in December 2022. 

In addition to game developers in its portfolio, the corporation has previously invested in well-known blockchain games Axie Infinity, The Sandbox, and CryptoKitties, as well as in the largest NFT marketplace, OpenSea. Overall, Animoca invested in over 380 startups, with 66 investments made only in the first half of 2022. 

In November 2022, Animoca Brands announced its plans to establish a metaverse- and NFT-focused venture fund, Animoca Capital. The organization aimed to raise $2 billion to support mid- to late-stage web3 startups, with a particular focus on digital property rights. 

However, the company lowered its fundraising expectations due to the ongoing crypto winter and the crash of the former second-largest cryptocurrency exchange, FTX. In addition to the general market decline, FTX’s crash affected 12 of Animoca’s companies. 

Animoca Brands, currently valued at over $5 billion, does not plan to raise additional investments for itself. The company’s goal is to develop an ecosystem of complementary crypto projects that would help web3 to become more decentralized. Among Animoca Brands’ investors are the South Korean Mirae Asset Management, the American GGV Capital, and the Singapore-based fund Temasek. 

Read more about Animoca Brands:

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About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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