Animoca Brands announces $2 billion Metaverse fund for startups

Animoca Brands, a blockchain gaming group based out of Hong Kong, recently announced a metaverse fund. The platform released an official tweet to announce the 2 billion dollars fund to focus on mid to late-stage startups.

According to Yat Siu, the co-founder of Animoca, the fund will act as a good entry point for Web3-based projects. Animoca, best known for The Sandbox, is being supported by names like:-

  • Temasek (Singapore’s state fund)
  • U.S. GGV Capital 
  • Mirae Asset Management from South Korea

The company was recently valued at over 5 billion dollars and has titled the new fund Animoca Capital. Siu stated that the company plans to launch its first investment in 2023. As per the chairman, the fund is already forming, which is targeted to be between 1 billion to 2 billion dollars.

Although the money has not been raised yet, the company and its partners are already working on it. The focus of the fund will be on digital property rights, like open metaverse and NFT metaverse businesses. Geographical restrictions do not matter for the investment targets, making the fund highly versatile. 

Animoca has been a major player in the industry ever since its launch in 2014. The project has boosted Web3 and NFT ventures globally. Now that the industry has matured, the platform is creating more prospects for Web3 companies and investors.

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Given its market reach and stature, the fund is expected to be a major hit.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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