Speaking on plans for the raised funds, Animoca said that they would go into product development.
By Ibukun Ogundare
Updated
3 mins read
NFT game developer Animoca Brands Corporation recently secured nearly $89 million in a capital raise, pushing the company’s valuation to $1 billion. Specifically, the game developer generated $88,888,888 in the recently completed capital raise. Animoca Brands announced the success of the capital raise on the 14th of May.
According to the announcement, several investors, including Huobi and Kingsway Capital, participated in the round. Other participants are LCV Fund, RIT Capital Partners (formerly Rothschild Investment Trust), AppWorks Fund, Liberty City Ventures, HashKey Fintech Investment Fund, Metapurse, and more.
The co-founder and chairman of Animoca Brands, Yat Siu, said that its investors share the company’s vision. In his statement, Siu revealed that the company’s vision is for “NFTs redefining equity and property rights online.”
Investors will receive up to 93.4 million newly-issued in Animoca Brands. Each share will be distributed at a subscription price of $0.85. Also, Animoca Brands will distribute special NFTs to its investors and other key partners.
Kingsway founder Manuel Stotz commented:
“The emergence of digital property rights, whether via Bitcoin or NFTs, is perhaps the greatest opportunity for financial inclusion for the bottom three billion frontier and emerging market consumers, as well as an opportunity for a more decentralized and thus more equitable global internet.”
Speaking on plans for the raised funds, Animoca said that they would go into product development. Additionally, the funding will be used for securing licensing rights to its games. With the rapid growth in the NFT space, Animoca Brands has invested in teams leading the market. The teams include OpenSea, Dapper Labs, and Axie Infinity. Already, the game developer has also released notable titles like The Sandbox.
Animoca was tagged as one of the fastest-growing companies in Australia. In April, the company was also ranked a giant in the Asia-Pacific region. The company announced that it was listed among the High Growth Companies Asia-Pacific 2021. Animoca Brands was 324th on the list compiled by Nikkei Asia, Statista, in collaboration with Financial Times.
Before now, Animoca Brands have entered several partnerships in the blockchain space. The company teamed up with open and fast blockchain Harmony to acquire sequoia-funded digital collectible startup Quidd. The company also partnered with Formula 1 for a blockchain game.
In an interview with GameBeat, Animoca Brands CEO said he would look out for acquisitions and strategic investment. Siu added that the company would also move towards hiring more employees.
Referring to the recent buzz surrounding NFT in the last few months, the CEO said, “a rocket ship comes to mind.” “One of the reasons why the space is growing as quickly as this is pent-up demand in going from a rental to an ownership economy,” added he.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
