Animoca Brands Raises $110M in Funding Round Led by Temasek, Boyu Capital, GGV Capital

Image source: Animoca Brands

Quick take:

  • The strategic consortium of new investors, formed by Temasek, Boyu Capital and GGV Capital, will take on an advisory role.
  • The new investors will provide advice on a range of business issues.
  • Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development.

Animoca Brands today announced that it has raised $110 million in a Notes funding round led by Temasek, Boyu Capital, and GGV Capital. The funds were raised via the issuance of convertible notes to a small number of institutional investors at a conversion price of $3.03, valuing the Company similarly to its previous funding round of $75 million.

The Notes round included new investors Temasek, Boyu Capital, and GGV Capital, as well as existing investors Mirae Asset Management and True Global Ventures (TGV).

The strategic consortium of new investors, formed by Temasek, Boyu Capital and GGV Capital, will provide advice to Animoca as it continues to grow and build its organisational capabilities. This will include engaging and advising the company on a range of business issues as well as providing input on its business and capital plans.

“We are incredibly pleased to complete a special strategic round of fundraising comprising several of the most respected institutional investors in the world, and we are honored by the continued support from existing investors. Animoca Brands has grown significantly as a company in the last year, and our new investors will contribute strategic advice and perspective as we build the world’s leading company furthering digital property rights in the Web3 industry,” said Yat Siu, co-founder and executive chairman of Animoca Brands.

Animoca will use the new funds to continue funding strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users. This is also how the company has been using funds raised from previous funding rounds.

The new funding announcement comes after Bloomberg reported last week that Singapore state holding company, Temasek, was to lead a $100 million funding round for Animoca.

Animoca is the biggest blockchain investor in Asia with a growing portfolio of more than 340 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. 

The company also develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E.

It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Grease Monkey Games, Eden Games, Darewise, Notre Game, TinyTap, and Be Media.

Animoca has $1.5 billion in assets under management and plans to continue investing amid the crypto winter which has seen a $2 trillion decrease in market cap since November.

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