- Animoca Brands has confirmed it is raising $1 billion in the first quarter of 2023.
- The company announced in November it was targeting $1-$2 billion new fundraising for its metaverse fund.
- The company is already in talks with potential investors according to a report published by Bloomberg on Thursday.
Animoca Brands is pressing on with plans to raise $1 billion for its metaverse and web3 fund. According to a report published by Bloomberg on Thursday, the Hong Kong-based blockchain and metaverse investment company plans to raise the funds this quarter.
In November, Animoca Brands revealed that it was raising $1 billion to $2 billion for the fund. The $2 billion confirmation suggests a relative scaledown from the previous target, albeit within the lower limit.
The company is already in talks with potential investors and plans to use the funds to invest in blockchain and metaverse startups, Yat Siu, Animoca Brands co-founder and chairman told Bloomberg in a Twitter Spaces chat.
This comes amid a tough period for the company and the crypto industry overall following the collapse of the crypto exchange platform FTX. According to Siu, some of Animoca’s portfolio companies were severely affected by the Saga.
However, that did not derail the company that markets itself as a leader among venture firms supporting the development of the open metaverse and digital IP rights for creators.
Just weeks after Sam Bankman-Fried’s ‘scheme’ was exposed culminating in the fall of FTX, Animoca announced plans for a $1-$2 billion metaverse fund. And now, despite the continued crypto winter, it seems it will proceed as planned. “Q1 is the goal and then let’s see what happens,” Siu said, adding “It is fair to say it’s a challenging market. But we have quite a bit of interest.”
Animoca Brands is one of the leading investment companies in web3 and the metaverse. In a conversation with Nikkei Asia in November, Siu revealed that the company has already invested in more than 380 projects. Animoca Brands was recently valued at $5.9 billion after raising $110 million.
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