Animoca Brands secures $75M in financing within Bear Market
Amid the bear market, industry-leading crypto venture capital firm and all-encompassing blockchain developer Animoca Brands raised $75 million in a recent funding round. The round saw participation from an array of investors including Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, Cosmic Summit Investments Limited, SG Spring Limited Partnership Fund and Generation Highway.
According to a press release following the round, as well as from the company’s co-founder and executive chairman Yat SiuThe new funds will be used to fund strategic acquisitions, investments and product development, as well as to secure licenses for popular IPs and advance the open metaverse by promoting digital property rights for online users.
Speaking about the importance of such areas, Siu had this to say: “Digital property rights represent a socially-defining generational shift that affects everyone online and will set the stage for the emergence of an open metaverse. We are deeply honored to enjoy strong support from investors as we work to solidify the Animoca brand’s leadership position in the Web3 industry and in true digital ownership.” Respected”.
Overall, the relatively small injection of funds boosts the company’s valuation $5.9 billionThat’s an impressive $900 million more than what it was at the beginning of the year.
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