Immutable, an Australian gaming company, has launched a $500 million ecosystem fund committed to supporting developers building on its Ethereum layer 2 scaling solution Immutable X.
Immutable Unveils $500 Million Fund
According to a TechCrunch report, the unicorn software development company raised the fund from different sources to support promising projects building web3 applications and non-fungible tokens (NFTs) on Immutable X.
The $500 million development and venture fund will be used to service various ecosystem needs. It will also provide grants, and cash investments, in the form of the company’s native token $IMX, to ambitious developers to build successful games on their NFT and gaming protocol.
The Immutable Developer Fund was generated from a combination of assets, including investments from famous venture capitals like BITKRAFT, Animoca, Airtree, GameStop, and Arrington Capital.
Speaking on the new development, Immutable co-founder and president Robbie Ferguson hinted that the company seeks to accelerate the adoption of the cryptocurrency gaming sector and the web3 by dedicating the funds to power the ecosystem.
“We’re prepared to advance the immense, untapped potential in today’s Web3 economy by providing the necessary funding and infrastructure these ambitious NFT projects need to succeed. While we see strategic investments happening in this space every day, Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem with the understanding that we have just begun to scratch the surface of the massive potential for this category,” said Ferguson
Aside from funding web3 projects, the gaming company said the funds would be made available to projects along with professional partners with direct access to advisory for tokenomics and game design, including community and marketing support.
Immutable Hits $2.5 Billion Valuation
Since its launch in 2018, Immutable has helped advance the adoption of web3 projects through investment funding and providing an avenue for other builders to utilize. Some of the most popular companies building on the platform include GameStop, TikTok, Opensea, Illuvium, Ember Sword, GreenPark Sports, ESL, Gary Vee (Vee Friends), and Playco.
In March 2022, Immutable reached a market valuation of $2.5 billion after raising $200 million in its Series C funding round.