In the midst of a bear market, industry leading crypto venture capital firm and all-encompassing blockchain developer Animoca Brands has raised $75 million in a recent funding round. The round saw participation from an array of different investors, such as Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, Cosmic Summit Investments Limited, SG Spring Limited Partnership Fund, and Generation Highway.
As per the words of the round’s subsequent press release, as well as those from the company’s co-founder and executive chairman Yat Siu, the new funds will be used to fund strategic acquisitions, investments, and product developments, as well as to secure licenses for popular IPs and advance the open metaverse through promoting digital property rights for online users.
When speaking on the importance of such areas, Siu had this to say: “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”.
Overall, the relatively small injection of funds raises the company’s valuation to $5.9 billion, which is approximately an impressive $900 million more than what it was at the start of the year.