Animoca Brands just revealed it is planning to raise $1-$2 billion for a new metaverse fund. The new fund will be managed by co-founder and executive chairman Yat Siu, along with his managing partner. The fund will supposedly be targeting mid to late-stage metaverse startups. Overall, the company has already invested across 380 projects in the web3 space.
Animoca Brands typically invests in three main blockchain segments including non-fungible tokens (NFTs), blockchain games, and lastly the “metaverse”. Driven by its lead product, The Sandbox, which is a 3D virtual space where brands can launch virtual experiences including merchandise and gaming, as well as virtual events like concerts and conferences.
Animoca Brands has invested in the NFT marketplace OpenSea, blockchain company Dapper Labs, and NFT project Yuga Labs, whilst also sealing several partnerships with leading blockchain gaming projects. Animoca Brands is backed by some of the leading fund management firms including Temasek— Singapore’s state fund, US-based GGV Capital, SoftBank Vision Fund 2, and South Korea’s Mirae Asset Management.
The company was recently valued at $5.9 billion after raising $75 million in July. The valuation remained unchanged after closing another funding round of $110 million in September 2022.
