Gaming business Animoca Brands has revealed that it has raised $75 million from backers including Kingsway Capital, Liberty City Ventures, and others. The $75 million capital infusion increases Animoca’s total pre-money valuation to $5.9 billion.
An statement released on July 12 states that the Hong Kong-based crypto gaming, NFT, and venture capital firm Animoca Brands has raised $75.32 million. Investors including Cosmic Summit Investments, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, and Generation Highway Ltd. contributed to the recently raised funds.
The new money, according to Animoca, would be used to support “strategic acquisitions, investments, and product development, secure licenses for well-known intellectual properties (IP), and advance the open metaverse.” With the money, the company also intends to strengthen the advocacy of digital property rights.
Yat Siu, the co-founder and executive chairman of Animoca Brands, declared:
“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 honored to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership.”
The $358 million raised by Animoca in January was followed by the $75 million raised today. At the time, Animoca stated that the $358 million would be used to finance more NFT and metaverse adoption as well as acquisitions and IP licenses. Blockchain initiatives like The Sandbox, Tower Experiment, Tiny Tap, Arc8, Revv Motorsport, and Revv Racing are the creations of Animoca. Additionally, the business has made investments in Web3 and cryptocurrency firms like NBA Top Shot, Opensea, and Sky Mavis.