The blockchain gaming platform Animoca Brands seeks to raise around $1 billion for its latest Web3 and Metaverse investment fund during the year’s first quarter.

The initiative comes in spite of the market decline and the FTX crash, which have vaporized much of the interest in cryptocurrencies. 

Special Attention on Web3

The Hong Kong-based Animoca Brands seeks to double down on its Web3 endeavors by raising $1 billion to support blockchain and Metaverse startups. Chairman and Co-Founder – Yat Siu – said the firm aims at completing the fundraisiер during the first three months of 2023:

“Q1 is the goal, and then let’s see what happens. It is fair to say it’s a challenging market. But we have quite a bit of interest.” 

The company’s intentions come nearly two months after the gigantic crash of FTX. The collapse affected several of Animoca’s portfolio firms negatively. 

The Hong Kong entity vowed to roll out a $2 billion fund (called “Animoca Capital”) to invest in Metaverse businesses across the globe in partnership with former Morgan Stanley exec Homer Sun at the end of 2022. Siu commented on the move:

“The long-term goal for us, and frankly for myself, is creating a way where we all have digital property rights. I’m hoping that this will also drive a scenario where the digital property will be recognized like physical property in the legal system.”

While Siu outlined that fundraisers have become quite difficult after the demise of FTX, he revealed that some subsidiaries of his company continue to raise capital. 

The Chairman said Animoca has no plans for personal funding rounds after obtaining Temasek’s $100 million investment last year. The primary goal of the firm will be to develop an ecosystem of cryptocurrency organizations that work for the advancement of Web3.

Despite the Bear Market, Valuation Goes up

Animoca Brands carried out several fundraisers during 2022.

It completed a $360 million financing round nearly a year ago and another one worth $75 million in July. The company said it will use the capital to hire more people, receive licenses for intellectual properties, and upgrade its products. 

Animoca’s Japanese subsidiary – Animoca Brands KK – raised $45 million in August, strengthening the organization’s presence in the Land of the Rising Sun.

The post Animoca Brands Seeks to Raise $1 Billion in Q1 2023 to Invest in Web3 appeared first on CryptoPotato.

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Filed under: Bitcoin - @ January 5, 2023 10:51 pm