Animoca Slashes 2023 Fundraising Target in Half
Animoca Brands Corp. plans to raise $1 billion for its new Web3 and metaverse investment fund in Q1 2023. The company originally planned to raise up to $2 billion for the fund before the collapse of FTX.
Why It Matters: Animoca Brands has stakes in over 380 firms and is focused on developing a Web3 ecosystem.
Need to Know:
- Animoca Brands co-founder Yat Siu mentioned that a number of Animoca's portfolio firms were affected by the collapse of the FTX exchange, including NFT spaceship game Star Atlas.
- The market downturn and the collapse of the FTX exchange have made fundraising more difficult.
- Animoca Brands has received investment from Temasek in September and does not have any further plans for fundraising for itself.
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