Game developer Animoca Brands raises $4.1m from M7 Asia, Mind Fund, others

Photo: Seam Do/Unsplash

Games and app developer Animoca Brands on Friday announced that it has raised $4.1 million from strategic investors including M7 Asia, Mind Fund and others.

The company plans to use the proceeds for a proposed initial public offering of the assets it plans to spin off — these include subsidiaries Pixowl SA, TSB Gaming, nWay Inc., and Quidd Inc — on Euronext or another public exchange. The company will also use the funds to meet its working capital needs.

The $4.1 million investment includes $2 million from M7 Asia and $2.1 million from Mind Fund and other investors. The convertible notes have a coupon rate of 9 per cent and are repayable at maturity subject to a number of redemption and conversion rights.

“We are incredibly honored and pleased that our vision for the future of digital assets and blockchain gaming has earned the confidence of some of the world’s most successful tech investors M7 and Mind Fund,” said Yat Siu, co-founder and chairman of Animoca Brands.

M7 Asia, which focuses on alternative investments in Asia, is a subsidiary of M7 Real Estate Ltd. The company manages over 830 retail, office and industrial properties with a value of €4.7 billion (approximately A$7.6 billion).

Mind Fund, meanwhile, is a global venture capital company that has invested in several companies in the US and Asia. The firm is an investor in Bytedance.

Mind Fund also has an institutional partnership with Tokyo and San Francisco-based Digital Garage to collaborate and co-invest in a Global Incubation Stream of world-class entrepreneurial companies.

“We believe deeply in the company’s vision to use blockchain to build economies where true digital ownership in games and virtual worlds will become a reality for hundreds of millions of people,” said Adam Lindemann, partner at Mind Fund.

Most recently, Animoca Brands acquired social casual gaming platform GAMEE for €4 million ($4.5 million) in shares plus earn-out payments of up to €1 million ($1.1 million) in cash or shares.

In December last year, the game developer entered into an agreement to acquire 100 per cent of the issued capital in nWay, Inc for $7.69 million. nWay is a San Francisco based developer and publisher of competitive multiplayer games across mobile, consoles, and PC.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.