Game publisher Sky Mavis raises $1.5m funding led by Animoca Brands

Singapore- and Vietnam-based blockchain startup Sky Mavis has bagged nearly $1.5 million in a funding round led by ASX-listed games and app developer Animoca Brands, according to an announcement.

The round was joined by Korean crypto fund Hashed, Swiss Pangea Blockchain Fund, US-based blockchain solution provider ConsenSys and early-stage VC firm 500 Startups.

The lead investor said it subscribed to $420,000 worth of ordinary shares in Sky Mavis in cash and its own shares. It has also signed advisory and collaboration agreements with the owner of blockchain-based game Axie Infinity.

The advisory agreement will see Sky Mavis provide consultation services in the areas of scarcity models, as well as the design, development and distribution of non-fungible tokens. Animoca Brands will pay Sky Mavis a fee amounting to $45,000, payable in fully paid ordinary shares of the company issued at a price per share of A$0.18.

Sky Mavis will use proceeds from the funding round to complete its offerings within the Axie Infinity universe and launch an app in the first half of 2020. It will also be building technology required to create blockchain-based applications for users in the real world.

Since its launch in May 2018, Sky Mavis has released two games – Breeding and Idle Battles, currently having $1.1 million in digital asset sales and $1.8 million in gross merchandise volume traded on its marketplace.

Its partner network includes Samsung, Kakao’s blockchain project Klaytn, MakerDAO, Loom Network and HTC.

“We now have the resources to take the Axie vision to people in the real world. We’re fully focused and locked in on the mobile app launch right now,” said Sky Mavis’s Vietnamese founder Trung Nguyen, who is also the co-founder of Lozi, which recently raised an 8-digit amount from Smilegate Investment and others.

Animoca Brands is an investor in Lucid Sight, Dapper Labs, WAX, Harmony and Decentraland. Its most recent investments include Quidd, Gamma Innovations, Leade.rs, Experimental and Skytree.

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.