Animoca Brands lowers Q1 fundraising target to $1B News โธ Investments
Animoca Brands lowers Q1 fundraising target to $1B
The company previously intended to raise up to $2 billion during the first quarter for a web3 investment fund.
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Updated: Jan. 5, 2023 at 11:30 am UTC
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Animoca Brands readjusted its fundraising target for a web3 investment fund to $1 billion from a previous goal of $2 billion in the first quarter amid “challenging” market conditions, Bloomberg News reported.
Animoca Brands CEO Yat Siu told Bloomberg:
“[The first quarter] is the goal and then letโs see what happens. It is fair to say itโs a challenging market. But we have quite a bit of interest.โ
The investments will be collected under a newly set fund called Animoca Capital. The fund will be primarily concerned with making strategic investments to develop a Web3 ecosystem, and Morgan Stanley’s former executive, Homer Sun, will co-chair.
Animoca is in talks with potential investors who might be interested in supporting Animoca Capital. According to Siu, however, the targeted $1 billion will be spent to support metaverse projects.
Animoca’s future
As of April 2022, Animoca has around $98 million in the cash balance, $870 million worth of liquid crypto, and $4 billion in off-balance sheet coins.
At the beginning of 2022, the company raised $358 million in funding as well. It has stakes in over 380 companies and accepted a hefty investment from Temasek.
Siu said that Animoca is not planning to raise funds for itself in the foreseeable future. Instead, it will focus its funding efforts on growing a Web3 ecosystem.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification.
