Animoca Brands Raises $75 Million to Invest in Blockchain Gaming
Animoca Brands, a Hong Kong-based game software company and venture capital firm, announced today that it raised $75.3 million at a $5.9 billion evaluation to invest in blockchain games and platforms. This was the second phase of the company's raise, which started earlier this year in January.
New investors in this tranche include Cosmic Summit Investments Limited, SG Spring Limited Partnership Fund, Alpha Wave Ventures, 10T, Liberty City Ventures, and others.
When asked about raising in such a harsh investment climate, Animoca Brands' co-founder and executive chairman related today's NFT and blockchain gaming crash to other short-lived financial woes.
"The devasting dotcom crash of 2000 didn't kill the burgeoning Internet," Siu said in a statement. "The horrific 2008 financial crisis didn't halt the explosive growth of the Internet, smartphones, or mobile gaming. The frigid crypto winter of 2018 didn't extinguish the crypto flame. All of those events seemed brutally terminal at their time, but if you could travel back to 2000, 2008, and 2018, you would have no difficulty in picking the winning side that seems -- back then -- to be inexorably doomed."
Animoca Brands believes web3 will withstand the current market conditions and come out the other side stronger.
"The current market conditions will not kill web3, the open metaverse, NFTs, or cryptocurrencies," Siu added. "There will be bumps on the road, cyclical variations, and the occasional black swan event, but the map to the future is legible by anyone who takes a broader and longer view."
The company does not have an active strategy on how and when to deploy their new investments yet. Animoca Brands is currently invested in blockchain gaming companies like Atari, Axie Infinity, Dapper Labs, MLB Champions, Rumble Kong League, The Red Village, and others.