Company at a higher valuation than before
The crypto market is hemorrhaging but the team at Animoca continues to do well. Recently the company was able to secure new funding in the amount of $75 million.
The company is well-known as a staunch supporter of NFT gaming and the metaverse and the $79 million brings the value of the company to a slightly higher value than before the crypto crash. With its investments in Dapper Labs, NBA Top Shots, OpenSea, and Sky Mavis the company now sits at $5.9 billion in value.
The new amount is expected to be used for the usual- acquisitions, investments, and new IPs as the company further focus on its goals for the metaverse.
The company is backed by many investors including Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limitied Partnership Fund, Cosmic Summit Investments Limited, and Generation Highway Ltd.
Yay Siu the executive chairman and co-founder of Animoca spoke on digital rights and the impact of digital property on people and the metaverse with the managing partner of Liberty City Ventures, Emil Woods, stating that in the future people will discover how game-changing the power of digital asset ownership can be.
Though Animoca was able to raise money during this bear market it should be noted it isn’t as much as they raised last year. Last year the company raised $359 million and was already valued at $5 billion. Growing concerns amid this bear market and caution can be attributed to this change.
Animoca only deals with decentralized and open platforms and speaks highly of digital property, the company is well-known for its own game The Sandbox.