Animoca Brands to raise $100M in funding led by Temasek

Singapore state investor Temasek will lead a $100 million funding round for blockchain venture Animoca Brands using convertible bonds.
Animoca Brands to raise $100M in funding led by Temasek
Animoca Brands to raise $100M in funding led by Temasek

As major government-affiliated corporations apparently continue to bet on significant sector participants, the venture capital market for the cryptocurrency industry is reportedly holding strong despite the crypto winter.

According to a Tuesday Bloomberg story, the $100 million funding round for the blockchain and venture studio Animoca Brands would include the state-owned investment company Temasek of Singapore. Temasek would reportedly take the lead in Animoca’s funding round using convertible bonds.

Temasek and Animoca are well renowned for funding significant cryptocurrency businesses. Both businesses took part in the $200 million funding round for the Australian nonfungible token (NFT) platform Immutable in March 2022.

Temasek is a significant investor in the cryptocurrency sector and has taken part in numerous investment rounds for leading industry players, such as the Binance cryptocurrency exchange.

The company is also well-known for supporting the Amber Group, a provider of crypto financial services, earlier this year. It has also worked on numerous other business projects, including a carbon credit market that runs on a blockchain.

Temasek, one of the largest investors in the world, has its headquarters in Singapore. As of March 2022, Temasek’s Asian portfolio was worth approximately 403 billion Singapore dollars, or $290 billion.

Temasek declined to comment on the report. Temasek “does not comment on market speculation and rumors as a matter of policy,” a company representative said.

The publication of the research coincides with Animoca’s closing of a $75 million investment round in July, which secured the company’s second round of funding after raising $360 million in January 2022.

Venture capital behemoths including Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, and Alpha Wave Ventures, among others, supported the funding. According to reports, the company is now worth $6 billion.

On August 26, MUFG, a significant Japanese bank, raised $45 million from Animoca’s strategic subsidiary Animoca Brands Japan. Animoca Brands Japan focuses on cooperative collaborations in Japan for NFT-related business prospects, and it intends to use the recently acquired money to expand Web3 products there.