Animoca Brands scores $65m at $2.2b valuation to boost NFT gaming

The Animoca Brands team in Hong Kong.

Animoca Brands, a Hong Kong-based firm that develops digital property rights for games through non-fungible tokens (NFTs), announced raising $65 million in its latest funding round at a pre-money valuation of $2.2 billion.

The latest round was participated by a host of venture capital investors and gaming firms that have seen the potential of advanced blockchain technology. They include French game maker Ubisoft Entertainment, Chinese VC Sequoia Capital China, US venture investor Liberty City Ventures, and Dragonfly Capital.

Com2uS, Kingsway Capital, 10T Holdings, Token Bay Capital, Smile Group, Tess Ventures, MSA Capital, Octava Fund, Adit Ventures, Summer Capital, Sigitech Holdings, Black Anthem Ltd, Mirana Corp, and Justin Sun, also participated in the round.

The latest funding, which followed a $139-million fundraise earlier this year, will be used to fund strategic investments and acquisitions, finance product development, and secure licenses for popular intellectual properties, according to the announcement.

Founded in 2014 by Yat Siu, Animoca Brands brings digital property rights to video gamers and the metaverse through blockchain and NFTs. It achieved unicorn status in May when it raised $89 million at a valuation of $1 billion.

The company and its subsidiaries offer a broad portfolio of game products, both centralized and decentralized, branded and original, with coverage across most primary platforms.

Animoca Brands also has a growing portfolio of more than 100 investments in NFT-related companies, including OpenSea, Dapper Labs, Bitski, Star Atlas, and Axie Infinity.

In July, it acquired 100% interest in Sydney-based indie game developer Blowfish Studios for an upfront consideration of $6.6 million and payments of up to $19.2 million conditional on certain employment and performance targets.

“With the backing of our new strategic investors, Animoca Brands will continue to advance blockchain in gaming – and beyond – to introduce billions of gamers and Internet users to true digital ownership,” said Yat Siu, the company’s co-founder and executive chairman.

The global video games market is expected to generate revenue of $175.8 billion this year, with 2.9 billion players worldwide, according to a report published by games and esports analytics and market research firm Newzoo.

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.