Animoca Brands is a blockchain-gaming company that uses a non-fungible token. It has just announced that the firm raised $75 million from investors including Kingsway Capital, Liberty City Ventures and others. The capital injection of $75 million brings Animoca’s overall pre-money valuation to $5.9 billion.
Animoca Brands Gets 75 Million Dollars to Bolster Digital Property Rights
An announcement was made on July 12 that the Hong Kong-based venture capital company Animoca Brands and crypto gaming platform NFT have raised $75.32M. Investors include Liberty City Ventures and Kingsway Capital as well as Alpha Wave Ventures, 10T and SG Spring Limited Partnership Fond.
Animoca explained that the new funds will be dedicated toward funding “strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties (IP), and advance the open metaverse.” The company plans to bolster the promotion of digital property rights with the funding as well.
Co-founder of Animoca Brands and its executive chairman. Yat SiuThe topic of digital property and the Web3 market was discussed by. “Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership.”
The $75 million raised follows Animoca’s capital raise back in January when the company secured $358 million. Animoca indicated that the funding would be used to acquire IP licenses and for the acquisition of new assets. It also stated that it will use the money to expand NFT adoption and the metaverse. Animoca has been behind many blockchain projects, including Tiny Tap and Tower Experiment. Revv Motorsport and Revv Racing are just a few examples. The company also invests in crypto startups as well as Web3 projects, such as Opensea, NBA Top Shot and Sky Mavis.
Emil Woods, Liberty City Ventures’ managing partner believes that Animoca Brands has been a leader in the NFT and blockchain space. Woods predicts that the blockchain-based technology will be accepted by society in the next 10 years. “Over the next decade, humanity will discover and embrace the game-changing power that blockchain-based digital ownership of assets will bring to countless aspects of daily life,” Woods explained in a statement during Animoca’s funding announcement.
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