Immutable Raises $200 Million In Series C, NFT Startup Values At $2.5 Billion

The Sydney-based blockchain firm has raised a series C funding of $200 to million, having been led by Temasek. The company is now valued at $2.5 billion.

Immutable Raises $200 Million, NFT Startup Aims To Boost Gaming Studio

Immutable, a blockchain startup, announced on Monday that it had raised $200 million in a Series C fundraising round from investors. Temasek led the investment round, which also included Tencent, Animoca Brands, Mirae Asset, and Airtree Ventures.

The funding will be used to expand the gaming studio and strengthen its Ethereum non-fungible tokens (NFT) technology. “Zero gas fees, rapid transactions, and carbon-neutral NFTs for marketplaces, games, and applications without compromise,” according to Immutable’s website.

The company’s chief executive, James Ferguson, told Reuters in an exclusive interview that investors recognize the platform’s potential.

“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” Ferguson said. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.”

According to the company’s press releases, the $200 million capital raising puts the company’s overall valuation to $2.5 billion. The NFT company collaborated with Tiktok, a social networking platform, in September, and announced a relationship with Gamestop in the first week of February 2022.

The platform’s native token, immutable x (IMX), soared 35 percent higher after the company secured a partnership with Gamestop. Following the Series C funding round, IMX has gained 26.1 percent versus the US dollar and 29.5 percent against bitcoin at the time of writing (BTC).