Animoca Brands’ Valuation Surges to $5.5 Billion With Fresh $360 Million Funding

Animoca Brands has raised $360 million in a fresh round of funding. As such, the valuation of the Hong Kong-based company has doubled since October 2021 to $5.5 billion.

The latest round of investments was led by Liberty City Ventures along with Winklevoss Capital and Soros Fund Management.

Rise in Valuation in Line With NFT Boom

The dramatic spike in Animoca Brand’s valuation comes in the wake of the global NFT business growing from under $100 million in 2020 to nearly $25 billion in 2021. About 20% involves blockchain-based gaming software.

Animoca Brands, which has raised around $700 million so far, looks well-positioned to benefit from the booming NFT and gaming segment of the blockchain industry.

In a press release, Animoca Brands’ cofounder and executive chairman Yat Siu said:

“We believe we are still at the initial stages of a new internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond.”

Leader in Branded Blockchain Gaming

Animoca Brands is among the leaders in “branded blockchain gaming.” Its products include NFTs based on popular gaming projects such as Disney, WWE, Doraemon, Formula 1, and Power Rangers. Among its original products include the highly popular The Sandbox, Revv Racing, Crazy Defense Heroes, and Crazy Kings.

Since May last year, Animoca Brands has completed two rounds of funding before the latest. In the first one, it received $88.8 million in May and $50 million in July at a valuation of $1 billion. Another round of $65 million came in October from Sequoia Capital and Ubisoft at a valuation of $2.2 billion.

Animoca Brands’ Investments Span 150 Companies

Besides developing blockchain-based gaming software, Animoca Brands invests in NFT and Metaverse projects as a venture capitalist. It has allocated funds in more than 150 blockchain, metaverse, and NFT companies, such as the leading non-fungible token marketplace OpenSea and Dapper Labs of NBA Top Shot fame.

Besides investments and gaming software development, Animoca Brands also works to convert games into NFTs that allow investors to invest in and own them.