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Blockchain game publisher Animoca Brands announced that the company has raised $110 million in a funding round led by Temasek, Boyu Capital and GGV Capital. The company raised the funds by issuing convertible notes to a handful of institutional investors.
Animoca Brands has raised another $110 million this month after the company secured $100 million from Temasek and others at the end of August. The latest fundraising, announced on September 8, explains that Temasek, Boyu Capital and GGV Capital led the round, with Mirae Asset Management and True Global Ventures also participating.
Hong Kong-based crypto gaming, NFT and venture capital firm Animoca Brands (AB) has managed to grow through a series of investment rounds in the middle of the crypto winter. The company’s Japanese subsidiary, known as Animoca Brands KK (Animoca Brands Japan), raised $45 million from Japan’s largest bank MUFG, and Animoca Brands KK’s parent company AB.
In the latest announcement revealed on Thursday, Animoca Brands said Temasek, Boyu Capital and GGV Capital will advise the firm and that the companies will provide “input on [Animoca Brands’] business and capital plans.” The web3 and blockchain game publisher plans to use the fresh capital for “strategic acquisitions, investments and product development, securing licenses for popular intellectual properties.”
Furthermore, the announcement sent to Bitcoin.com News detailed that the firm aims to strengthen the open metaverse. Yat Siu, co-founder and executive chairman of Animoca Brands, detailed that the company has experienced significant growth over the past 12 months.
“Animoca Brands has grown significantly as a company over the past year, and our new investors will contribute strategic advice and perspective as we build the world’s leading digital property rights promotion company in the Web3 industry,” Siu said in a statement.
Non-fungible tokens (NFTs) and Web3 have seen a significant drop in market value and general interest in 2022 since their peaks last year. Over the past 30 days, NFT sales data from cryptoslam.io indicates that monthly NFT sales reached $543.77 million, but are down 20.05% from the previous month’s $680.12 million.
On Google Trends (GT), the keyword “Web3” achieved the highest score of 100 in the week of 19-25. December 2021. Data for 4–10 September 2022 indicates that the “Web3” search has a worldwide GT score of 67 today. The search term “NFT” is even lower as the week 4-10 September shows a score of about 14.
Animoca Brands has managed to fend off the downturn, securing $75 million in mid-July as the company has raised a war chest of funds over the past two years. According to a report from Forbes, Animoca Brands is considering a possible initial public offering (IPO). Crunchbase data indicates that the blockchain game publisher and Web3 company has raised $775.3 million since it was founded in 2014.
What do you think about Animoca Brands raising $110 million from investors? Let us know what you think about this topic in the comments section below.
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