Venture Capital: Digital Asset And Metaverse Giant Animoca In $100M Extension Raise Led By Temasek

August 30, 2022 | Digital Assets, News, Venture Capital

The funding comes amidst a meltdown in the crypto market.

Temasek, the Singapore state investor, is leading a $100 million investment round in Animoca Brands, a global leader in gamification and blockchain with a large portfolio of over 340 investments, and with a goal to advance digital property rights and contribute to building the open metaverse. Animoca intends to take advantage of the massive bear market in digital assets to scoop up assets, including tokens and other industry participants, on the cheap. (Bloomberg)

Temasek is positive on the digital assets industry though it avoids investing directly in cryptocurrencies, preferring instead to buy exposures to industry players that provide services.

This approach led the Singapore wealth fund to participate in a $200 million funding round for crypto lender Amber Group.

Animoca Brands

The company and its various subsidiaries develop and publish blockchain games, traditional games, and other products, many of which are based on popular global brands including Disney, WWE, Power Rangers, MotoGP™, Formula E, and Snoop Dogg.

Founded in January 2014 by Yat Siu and David Kim, the company is headquartered in Hong Kong with offices and subsidiaries in the United States, Canada, Argentina, South Korea, Finland, Estonia, France, Germany, Australia, and the Czech Republic.

The latest funding, in which Temasek will subscribe via convertible bonds, is supplementary to a January round in which Animoca raised $359 million from backers including George Soros and the Winklevoss twins.

Last week, Animoca Brands KK, a strategic subsidiary of Animoca Brands in Japan, focusing on cooperative partnerships in Japan for NFT-related business opportunities, raised US$45 million from MUFG Bank, Ltd. and Animoca Brands Corporation Limited valuing the company at approximately US$500 million (pre-money).

Animoca Brands Japan said it will use the new capital to continue to secure licenses for popular intellectual properties, develop internal capabilities, and promote adoption of Web3.

Related Story: Mastercard Enables NFT Commerce; Ties Up With NFT Marketplaces And Web3 Provider

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