Animoca Brands, a Hong Kong-based game software company, has successfully raised $75 million in a Series B funding round to fund strategic acquisitions and advance its Metaverse vision. The current raise appears a few months after the game software company announced a similar tranche in January this year.
On July 15, 2022, Animoca Brands announced the completion of its Series B funding round to expand its Metaverse vision. The recent announcement appears amid the current bearish crypto market that has wiped billions of dollars from the value of popular digital assets.
The funding initiative saw the participation of notable investors, including Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, Generation Highway, and Cosmic Summit Investments, among others.
The Hong Kong-based gaming software company will use the secured funds to fund strategic acquisitions, investments, product developments, and secured licenses for popular intellectual properties. Moreover, Animoca Brand’s eyes advance the open Metaverse through promoting digital property rights for online users.
Leveraging the blockchain tech, Animoca Brands is working relentlessly to offer users digital ownership of their virtual assets and data. The new functionality will enable asset interoperability and unlock GameFi opportunities, such as play-to-earn (P2E) gameplay.
Animoca Brands anticipate creating a framework that enhances the equitability of all participants in Metaverse. While commenting about the crypto development, Yat Siu, the co-founder and the chairman of Animoca brands, remarked:
“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open Metaverse. We are deeply honored to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and the field of true digital ownership.”
Elsewhere, in related developments, Animoca Brands has confirmed plans to launch new non-fungible tokens (NFTs) on its subsidiary NFT marketplace Quidd to mark its 40th anniversary. The highly anticipated NFTs will officially drop on July 19.
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