A popular metaverse platform is getting a needed funding injection, with the goal of adding even more features to their digital world.
Animoca Brands, an investor in non-fungible tokens (NFT) and the metaverse, has raised an additional $75 million at a $5.9 billion valuation. Participants included current investors 10T, Kingsway, and Liberty City Ventures.
Fundraising round to bring new IPs into The Sandbox
The funding round in January brought in approximately $360 million and valued the company at $5.5 billion, doubling Animoca's worth in less than three months. This fundraising effort is the second installment of that round. In October, the company raised $65 million at a valuation of $2.2 billion.
According to Animoca's announcement, the January rise was delayed to account for due diligence procedures. The company says the money will be used to finance product development, investments, and acquisitions as well as to gain licensing for well-known intellectual assets and expand the open metaverse.
The blockchain game company Animoca Brands was established in 2014 and is best known for creating "The Sandbox" metaverse platform. More than 150 NFT-related products are included in the company's portfolio, including the largest NFT trading platform OpenSea, the play-to-earn game Axie Infinity, and Dapper Labs (creators of NBA Top Shot). The Sandbox, a metaverse game, is primarily owned by Animoca.
The fundraising demonstrates that money is still finding its way to reputable companies in the sector, despite the bearishness in the market for digital assets.