Animoca Slashes 2023 Fundraising Target in Half

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.

🕳️ Go Deeper:

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.