Hong Kong's Animoca Brands bags $110m from Temasek, Boyu, others

The Animoca Brands team in Hong Kong.

Editor’s note: This story has been updated to reflect the fact that Boyu Capital, and GGV Capital co-led the funding round alongside Temasek.

Hong Kong’s Animoca Brands, a gaming software firm and Web 3.0 investment powerhouse, has raised $110 million in a funding round, led by Singapore state investor Temasek, Boyu Capital, and GGV Capital, the firm said in an announcement on Thursday.

Singapore-based VC firm TGV 4 Plus and its Follow On Fund invested $17.2 million through convertible bonds, per the announcement.

TGV general partner Dušan Stojanović told DealStreetAsia that the company has strong cash reserves and a profitable business model, making it an attractive investment amid the bear market.

The fresh capital will accelerate Animoca Brands’ efforts in delivering digital property rights to gamers and internet users across the world, as well as strengthen the construction of play-to-earn economies and open metaverse, according to the announcement.

In August, Animoca Brands had raised its stake in its Japan subsidiary — Animoca Brands Japan — for $45 million at a pre-money valuation of around $500 million. 

The fundraising also shortly follows Animoca Brands’ $75.3 million fundraising in mid-July bringing the firm’s valuation to $5.5 billion, which the firm said was part of the second part of a $360 million round in January, per Reuters. The fundraise was postponed thanks to the collapse of TerraUSD, according to Animoca Brands‘s co-founder Yat Siu.   

Founded in 2014, Animoca Brands is a prolific Web 3.0 investor, with a large portfolio of over 340 investments in gamification and blockchain across the world.

The fundraising comes despite a crypto market downturn that saw Bitcoin, the world’s most popular cryptocurrency, falling at least 60% from its year high, as of August.

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