Animoca Brands has disclosed that it aims to gather $1 billion for its venture fund, Animoca Capital, adjusting its prior goal of $2 billion.
In Brief
Animoca Brands has adjusted its fundraising target, now seeking $1 billion for the Animoca Capital fund instead of the earlier anticipated $2 billion.
The fallout from the collapse of FTX and the overall downturn in the market had a negative impact on the company's subsidiaries.
Originally aiming for $2 billion, Animoca Brands has shifted its strategy to seek $1 billion in funding as announced in their recent disclosure.
Founded in 2014 by Yat Siu, Animoca has rapidly expanded its reach by acquiring a variety of web3 companies. Their portfolio includes subsidiaries such as Be Media, Grease Monkey Games, TinyTap, Eden Games, and Darewise Entertainment. PIXELYNX , which was acquired in December 2022.
Beyond just game developers, Animoca has also invested heavily in prominent blockchain games like Axie Infinity, The Sandbox, and CryptoKitties, in addition to being a backer of OpenSea, the largest NFT marketplace. Overall, the firm has made investments in over 380 startups, with a remarkable 66 of those occurring in just the first half of 2022.
In November 2022, Animoca Brands announced its plans The aim is to establish a venture fund with a specific focus on the metaverse and NFTs, originally seeking to raise $2 billion for mid- to late-stage investments that emphasize digital property rights. web3 startups However, due to the persistent challenges from the crypto market slump and the FTX collapse, Animoca had to lower its fundraising ambitions. The fallout from FTX affected 12 of their affiliate companies amidst the broader market decline.
Despite having a valuation exceeding $5 billion, Animoca Brands does not intend to pursue new investments for itself. The company's mission is to foster an ecosystem that supports web3's movement toward greater decentralization.
Animoca Brands counts among its backers notable investors like Mirae Asset Management from South Korea, GGV Capital from the U.S., and the Singapore-based entity, Temasek. crypto projects A report states that Animoca Brands has successfully raised $110 million in their latest funding round.
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Disclaimer
In line with the Trust Project guidelines Valeria serves as a reporter at Metaverse Post where she covers topics related to fundraisings, AI, the metaverse, digital fashion, NFTs, and all things related to web3.