Animoca Brands raised at a valuation of over $5 billion, triple what it was in October
Animoca Brands, an eight-year-old, 600-person Hong Kong-based company that has successfully put its stamp on many of the world’s most popular NFT and metaverse brands, has raised approximately $360 million in new funding at a valuation of plus more than $5 billion, the company announced today.
That’s a big jump from the $2.2 billion valuation the company was awarded in October when it raised a $65 million funding round. The number is even more remarkable considering that Animoca was valued at $1 billion in a $138 million round that closed last July.
According to data from Crunchbase, the company has now raised around $604 million.
According to a company spokesperson, the capital increase involved the issuance of 111,173,515 new shares, which investors purchased from Animoca Brands at the equivalent of $3.24 per share as part of a “pretty standard capital increase”. Of note, given that Animoca – which was previously listed on the Australian Securities Exchange and was delisted in early 2020 because “they didn’t like the fact that we were dealing with crypto” , Animoca founder Yat Siu told us recently – now operates as an unlisted public company. (As Siu explained, the company’s roughly 2,500 shareholders can sell their shares privately to other people. All you need to know is who owns them to buy them.)
“The secondary placement of shares is taking place because there was a strong demand that could not be met during the primary placement,” the spokesperson added, “but the secondary placement is not considered part of this capital raise and any monies traded via secondary sales do not count towards the company’s finances.”
Liberty City Ventures – and previous investor in Animoca – led the new round, with a mix of other old and new investors including 10T Holdings, C Ventures, Delta Fund, Gemini Frontier Fund, Gobi Partners Greater Bay Area, Kingsway, L2 Capital, Mirae Asset, Pacific Century Group, ParaFi Capital, Provident, Senator Investment Group, Sequoia China, Smile Group, Stable Asset Management, Soros Fund Management, Wildcat Capital Management and Winklevoss Capital.
It’s easy to appreciate the appeal of Animoca right now. As we noted in our recent Animoca review, the team controls what it describes as a “broad portfolio of games products, both centralized and decentralized, branded and original, with coverage on most major platforms, including mobile devices, game consoles, PC, web, and blockchain” with products, including games, ranging from hyper casual to hardcore, as well as collectibles , utility tokens, esports titles” and more.
Some of these products are tied to subsidiaries of the company, which got its start developing games for smartphones and tablets and dove headlong into blockchain gaming about four years ago. Other represents the stakes that Animoca has taken in other companies, including Dapper Labs; Sky Mavis, the developer of global sensation “Axie Infinity”; and the OpenSea NFT trading platform.
According to Siu, these various holdings were worth around $16 billion at the end of November, although their value remains theoretical for now given that Animoca has not tried to exit these positions. “They would really be what you describe as balance sheet items; they are basically the equity value of Animoca Brands,” he explained.
Unsurprisingly, Animoca continues to invest actively. Among the outfits that have already announced Animoca’s involvement this year are nCore Games, an Indian games company that is gearing up to allow users to “own” more of the assets they use to play and says it just raised $10 million in funding co-led by Animoca Brands and another top investor in the crypto space, Galaxy Interactive.
Animoca also recently led an $9 million Series A in Kansas-based non-fungible token (NFT) industry data aggregator CryptoSlam, and he led an $8 million Series A in Burnt Finance. , a New York-based company developing an NFT auction. protocol based on the Solana blockchain.
Photo above: Yat Siu, founder of Animoca Brands.