Hong Kong’s Animoca Brands Raises $20 Million to Advance Web3 Gaming and Metaverse Vision
Animoca Brands Corporation Limited, a Hong Kong-based web3 investor with a strong focus on gaming and the metaverse, has successfully secured $20 million in funding to accelerate its innovative Mocaverse project. The company announced that it has received binding commitments from a group of prominent investors, signaling a significant milestone in its mission to advance digital property rights in gaming and the open metaverse.
Investor Support and Funding Details
Leading the funding round is CMCC Global, a renowned venture capital company specializing in blockchain and web3 investments. CMCC Global has a track record of early investments in groundbreaking projects such as Ethereum (ETH), Solana (SOL), and Cosmos (ATOM). Their participation highlights the confidence in Animoca Brands and the potential of the Mocaverse project.
Other notable investors in this round include Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors of Koda Capital, and Animoca Brands’ very own Yat Siu, the executive chairman, and co-founder.
The funding was raised through the issuance of new ordinary shares at a price per share of A$4.50, with participating investors also receiving utility token warrants on a 1:1 dollar basis. These funds will be crucial for the advancement of the Mocaverse project, including product development, the facilitation of Web3 adoption, and the establishment of partnerships to expand Animoca Brands’ extensive portfolio, which currently boasts around 450 investments in various Web3 companies and projects.
The Mocaverse Project: Empowering Web3 in Gaming and Entertainment
Mocaverse is a pioneering initiative dedicated to building Web3-native tools for gaming, culture, and entertainment verticals. Its aim is to empower users to create their own digital identities, accumulate reputation, earn and spend loyalty points, and use these digital identities to access the broader Mocaverse ecosystem. This ecosystem is backed by Animoca Brands’ expansive portfolio, encompassing more than 450 companies and a partner network with over 700 million addressable users.
One of the upcoming highlights of Mocaverse is the launch of Moca ID, a non-transferrable NFT collection that will enable users to craft their on-chain identities within the ecosystem. Moca ID holders will enjoy exclusive access to unique Mocaverse experiences and have the opportunity to earn loyalty points through active engagement. These loyalty points will power a permissionless and interoperable loyalty system that aims to encourage third-party adoption and integration of Moca ID, fostering the growth of Web3.
Investor and Management Remarks
Yat Siu, the co-founder and executive chairman of Animoca Brands, expressed gratitude for the investors’ support and emphasized the importance of Mocaverse’s DAO-based approach in driving innovation and collaboration across the broader Animoca Brands ecosystem. He also noted that Mocaverse would serve as the digital identity, reputation, and loyalty system for other decentralized organizations.
Martin Baumann, the co-founder of CMCC Global, highlighted their long-term relationship with Animoca Brands and the transformative potential of Mocaverse. Baumann stated that Mocaverse would unify Animoca Brands’ portfolio companies, becoming a gateway for millions of new users to access Web3 and metaverse ecosystems. He expressed excitement about supporting Yat Siu and the Animoca Brands team on this new venture into the Mocaverse.
Details of the Funding
Animoca Brands raised $20 million through Simple Agreements for Future Equity (SAFEs) with various sophisticated and professional investors. These SAFE agreements will automatically convert to ordinary shares after a six-month period, with the number of new shares determined by the AUD:USD exchange rate at the time of settlement. As of this funding round, Animoca Brands currently has 1,910,074,127 outstanding fully paid ordinary shares. Additionally, participating investors received free-attaching utility token warrants on a 1:1 dollar basis, subject to a 30-month vesting schedule.
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