Amioca Brands Raises $75 Million for ‘Open Metaverse’

Amioca Brands Open Metaverse

Hong Kong-based blockchain gaming and venture studio Animoca Brands is seeking to expand its acquisition targets and hone its ‘open metaverse’ concept following the close of another strategic funding round.

The company announced that backing from Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 19T, SG Spring Limited Partnership Fund – as well as others – brought its funding round to a close with $75.32 million at a pre-money valuation of $5.9 billion.

The raise represents the “second tranche” of funding following a $358.8 million raise in January that was supported by venture giants Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings.

Animoca said the new capital will fund strategic acquisitions, product development and intellectual property licenses as it looks to advance the so-called “open metaverse” concept.

The company said it plans to continue using blockchain technology, including nonfungible tokens (NFTs), decentralised finance and GameFi, to promote digital property rights.

Despite the presence of a bear market in digital assets, Animoca has been actively expanding its portfolio in 2022. In April, the venture studio acquired a large stake in Australian digital marketing firm Be Media — a move designed to expand partnerships with the local blockchain industry. The same month, Animoca purchased video game publishers Eden Games and Darewise Entertainment.

Yat Siu, co-founder and executive chairman of Animoca Brands, said, “Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and the field of true digital ownership.”

Animoca subsidiary The Sandbox (SAND) has played a leading role in advancing the still-nascent metaverse industry. As Cointelegraph reported, American lifestyle and entertainment brand Playboy recently announced the launch of a “MetaMansion” in The Sandbox — a virtual mansion that will give users the ability to participate in a host of gaming and social events.

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