The blockchain gaming platform Animoca Brands seeks to raise around $1 billion for its latest Web3 and Metaverse investment fund during the year’s first quarter.
The initiative comes in spite of the market decline and the FTX crash, which have vaporized much of the interest in cryptocurrencies.
Special Attention on Web3
The Hong Kong-based Animoca Brands seeks to double down on its Web3 endeavors by ចិញ្ចឹម $1 billion to support blockchain and Metaverse startups. Chairman and Co-Founder – Yat Siu – said the firm aims at completing the fundraisiер during the first three months of 2023:
“Q1 is the goal, and then let’s see what happens. It is fair to say it’s a challenging market. But we have quite a bit of interest.”
The company’s intentions come nearly two months after the gigantic crash of FTX. The collapse affected several of Animoca’s portfolio firms negatively.
The Hong Kong entity បានស្បថ to roll out a $2 billion fund (called “Animoca Capital”) to invest in Metaverse businesses across the globe in partnership with former Morgan Stanley exec Homer Sun at the end of 2022. Siu commented on the move:
“គោលដៅរយៈពេលវែងសម្រាប់ពួកយើង ហើយនិយាយដោយត្រង់ទៅសម្រាប់ខ្លួនខ្ញុំផ្ទាល់ គឺបង្កើតវិធីមួយដែលយើងទាំងអស់គ្នាមានសិទ្ធិលើអចលនទ្រព្យឌីជីថល។ ខ្ញុំសង្ឃឹមថា នេះក៏នឹងជំរុញឲ្យមានសេណារីយ៉ូមួយដែលទ្រព្យសម្បត្តិឌីជីថលនឹងត្រូវបានទទួលស្គាល់ដូចជាទ្រព្យសម្បត្តិរូបវន្តក្នុងប្រព័ន្ធច្បាប់»។
While Siu outlined that fundraisers have become quite difficult after the demise of FTX, he revealed that some subsidiaries of his company continue to raise capital.
The Chairman said Animoca has no plans for personal funding rounds after ទទួលបាន Temasek’s $100 million investment last year. The primary goal of the firm will be to develop an ecosystem of cryptocurrency organizations that work for the advancement of Web3.
Despite the Bear Market, Valuation Goes up
Animoca Brands carried out several fundraisers during 2022.
It បានបញ្ចប់ a $360 million financing round nearly a year ago and another one worth $75 million in July. The company បាននិយាយថា: it will use the capital to hire more people, receive licenses for intellectual properties, and upgrade its products.
Animoca’s Japanese subsidiary – Animoca Brands KK – បានលើកឡើង $45 million in August, strengthening the organization’s presence in the Land of the Rising Sun.
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Source: https://cryptopotato.com/animoca-brands-seeks-to-raise-1-billion-in-q1-2023-to-invest-in-web3/