Singaporean state-owned investor Temasek has spearheaded a funding round for the metaverse and blockchain gaming platform Animoca Brands.
On Thursday, Animoca revealed that it has successfully raised $110 million in a round of strategic fundraising through the sale of convertible notes to a select group of institutional investors.
The current investment, which was completed at a conversion price of AU $4.50, or around $3, values Animoca similarly to its prior funding round, the company claimed.
Temasek, Boyu Capital, a private equity firm, and GGV Capital, a global venture capital firm, were among the new investors in the notes round. In order to advise the business as it expands and creates its organizational structure, these companies have formed a strategic consortium of new investors.
According to the release, Temasek, Boyu, and GGV will now consult with and advise Animoca on a variety of business-related issues and offer suggestions about its operations and capital gains.
Existing investors in the round also included True Global Ventures, a venture capital firm, and Mirae Asset Management, a significant South Korean investing company.
With the additional capital, Animoca intends to keep investing in and developing new goods, making strategic acquisitions, and obtaining intellectual property licensing. The business also aims to develop the open metaverse, including initiatives to support internet users’ rights to their own intellectual property.
Yat Siu, co-founder and executive chairman of Animoca Brands, emphasized the significance of the participation of significant international institutions in the round, saying:
“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.”
Late in August, a few early rumors about Animoca’s investment round appeared, with unnamed sources speculating that Temasek might head a $100 million round for the company.
Temasek is a well-known cryptocurrency investor who has taken part in a number of funding rounds for major cryptocurrency firms like Binance and Amber Group.
Rohit Sipahimalani, chief investment officer at Temasek International, emphasized that the government-backed company does not directly invest in cryptocurrencies but is instead focused on investing in a business that is tied to cryptocurrencies.
Sipahimalani allegedly remarked in July 2022, “We don’t directly invest in crypto, but some of the funds we have invested in may have crypto exposure. At that time, the business felt more at ease having exposure to “more picks and shovels of the overall system, the facilitators rather than the currencies,” the author continued.