Renowned gaming software company Animoca Brands has raised approximately $20 million for its new metaverse project, Mocaverse. According to a blog post on September 11, the capital was raised through Simple Agreements for Future Equity (SAFEs) issuance at A$4.50 ($2.90) per share.
The funding round was led by CMCC Global with participation from Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), Yat Siu (the co-founder of Animoca) and others.
Developing the Mocaverse
According to Animoca, the fresh capital will be used to develop the Mocaverse project, fund Web3 initiatives, and secure strategic partnerships to expand the company’s gaming and entertainment ecosystem.
Animoca aims to make Mocaverse the identity and point system for Web3 gaming, culture, and entertainment. According to the gaming company, Mocaverse’s Web3 tools will empower users to build their own digital identity, earn and spend loyalty, accrue reputation, and use their digital identity to access the Mocaverse ecosystem, seeded by Animoca’s 450+ portfolio companies and partner network with around 700 million users.
“The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems,” Martin Baumann, the co-founder of CMCC Global, said in a blog post.
A New ID System
Animoca stated that developing the Mocaverse project will include the upcoming launch of Moca ID, a non-fungible token (NFT) collection designed to enable users to create on-chain identities and explore the Mocaverse. Holders of Moca ID will get exclusive access to the ecosystem experiences and a chance to earn loyalty points through active participation.
“These loyalty points will power a permissionless and interoperable loyalty system that will be progressively decentralised to enable third-party adoption and integration of Moca ID, with the aim to advance the accessibility and growth of Web3,” Animoca said.
Animoca has been actively investing in the metaverse in recent years. Last November, the firm revealed plans to launch a $2 billion fund to support metaverse businesses.
