Following the startup’s partnership with Gamestop, the Sydney-based blockchain firm Immutable announced it raised $200 million in a Series C financing round led by Temasek. The company is now valued at $2.5 billion and Immutable plans to use the funds to scale the startup’s gaming studio.
NFT Startup Immutable Raised $200 Million to Bolster Gaming Studio
Immutable announced that it has raised $200 Million from investors as part of a Series-C funding round. Temasek led the financing along with other participants such as Tencent, Animoca Brands and Mirae Asset.
They plan to use the money to expand the gaming studio as well as improve the technology of its NFT (non-fungible tokens) on Ethereum. Immutable’s website claims the project provides “zero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise.”
Speaking exclusively with Reuters, James Ferguson, Immutable’s chief executive told the news agency that investing firms understand the platform’s potential.
“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” Ferguson said. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.”
The $200 million capital raise brings Immutable’s overall valuation to $2.5 billion, according to the startup’s press statements. Immutable partnered with Tiktok, a social media platform, in September last year. Immutable announced a partnership agreement with Gamestop during week one of February 2022.
After the company inked a deal with Gamestop, the platform’s native token immutable x (IMX) jumped 35% higher. Immutable x (IMX), which was acquired following Series C’s financing round, has seen a 26.1% gain against the U.S. Dollar and 29.5% for bitcoin (BTC) at the time this article is being written.
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