Hong Kong-based play-to-earn gaming development company Animoca Brands has now attained a valuation of $5.5 billion after a $75 million fund round. The latest valuation comes at a time when the crypto market is experiencing an intense bloodbath.
Animoca Brands Raises $75 Million
The funding round was led by Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, and other institutions.
The company noted that the latest investment marks the close of a funding round that had started in January but was halted due to the recent crypto market collapse and other negative events such as the Terra crash and 3AC insolvency.
The game developer noted that the fund will be geared towards investments in its open metaverse, acquisitions, obtaining adequate licenses, and other things.
“Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse,” the company stated.
Manuel Stotz, founder and CEO of Kingsway Capital, commented on the fundraiser, noting that Animoca Brands is worth the investment from his company.
“The long-term growth trajectory of NFTs and similar ownership technology is extraordinarily steep, especially in emerging markets. We are thrilled to grow our continuing partnership with Animoca Brands, who earned its stripes by emerging from the previous crypto winter of 2018-2019 with a much larger and stronger business,” Stotz said.
Meanwhile, Coinfomania reported last month that Animoca Brands recorded $4.2 billion in assets under management (AUM) between January and April 2022.
Crypto Fund Rounds Continue Amid Crypto Winter
Despite the recent decline in the global crypto market, venture capital firms have continued to support and invest in crypto-related projects.
In June, Kaiko, a crypto-based data distributor, raised $53 million from investors in a Series B fund round. In the same month, leading Solana-based NFT marketplace Magic Eden secured $130 million, pushing the firm’s valuation to $1.6 billion.
