NFT Startup Immutable Reaches $2.5B Valuation Following $200M Fundraise, Announces New C-Suite Hire

Creator of Layer-2 for NFTs, Immutable, has just completed a $200 million funding round.
Image source: Immutable

Quick take:

  • The fresh funding round was led by Singapore’s Temasek Holdings.
  • The company will double its workforce over the next year.
  • Immutable has hired former Riot Games exec G. Justin Hulog as chief studio officer.

Australian NFT startup Immutable has announced today the completion of its Series C funding round. The company raised $200 million in its fresh funding, bringing it to a valuation of $2.5 billion.

Despite Singapore officials urging citizens to exercise caution in blockchain investments, Immutable’s latest funding was led by Temasek Holdings, the investment company owned by the government of Singapore. 

Other investors that participated in the fundraise include Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings and Animoca Brands.

Existing investors such as King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research have all raised their investments as well.

“We’re excited to raise this capital so we can help deploy it aggressively through M&A opportunities,” Immutable’s co-founder and president, Robbie Ferguson, told Reuters.

With the new injection of capital, Immutable also plans to double its workforce over the next year. The company is aiming for a global expansion with more than 200 new hires in 2022, according to its announcement on LinkedIn, bringing its team of 170 employees to 350.

Along with the funding announcement, Immutable has also announced a new C-suite hire. The company has recruited former general manager of Riot Games, G. Justin Hulog, as chief studio officer. He will oversee the Games Studio which includes Gods Unchained and Guild of Guardians.

Immutable will be expanding its studio content to bring its games to millions of players. 

The Sydney-based company is the developer of Gods Unchained, a free-to-play multiplayer game with NFTs. Since the game’s launch on Immutable’s Layer-2 solution, Immutable X, Gods Unchained has scaled to around 19 million NFTs in 128,000 wallets, said VP & Game Director for Gods Unchained, Chris Clay.

Founded in 2018, Immutable has expanded rapidly over the last year. In September 2021, the company raised $60 million in its Series B, which valued the company at $410 million.

In February, Immutable announced a partnership with Gamestop to launch the game retailer’s NFT marketplace as well as a $100 million grant program.

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