Animoca Brands, a company specializing in Web3 gaming, is currently $1 billion for a fund directed to inject support into already established blockchain projects. The company announced that it is targeting to raise This figure is significantly lower than the $2 billion the company announced in November as the cap for this same fund.
Animoca Brands Announces Lower Numbers for Web3 and Metaverse Funds
Animoca Brands, one of the most popular Web3 gaming and blockchain companies, has made a new announcement regarding its Q1 2023 fundraising goals. In a recentTwitter Spaces chat, company co-founder Yat Siu saidthat the company is seeking to raise $1 billion from various parties for a fund tentatively named Animoca Capital, which will focus its activities on supporting already established Web3 projects. He stated that they are trying to raise $1 billion from various parties for a fund tentatively named Animoca Capital that will focus its activities on supporting already established Web3 projects.
This figure is considerably lower than the goal Siu set when he first revealed plans to launch the fund in November, declaring that Animoca Brands expects to raise up to $2 billion. At the time, Siu admitted that raising that amount of money would be difficult because the demise of FTX had recently rocked the cryptocurrency world.
Siu declared that the event affected 12 of the projects in Animoca Brands’ portfolio and that the backlash affected the broader cryptocurrency market.
Optimism remained
But even with these events hampering the state of the crypto and web3 markets, Animoca Brands is optimistic about the outcome of this effort. Regarding the achievement of their newly announced goals, Siu explains.
Q1 is the goal and we’ll see what happens the rest of the way. It goes without saying that it is a challenging market. But we are quite interested.
However, as of November, Siu has not identified any investors interested in supporting the fund. The fund will focus on investing in late-stage Web3 games and Metaverse projects, which are considered less risky than putting money into startups.
Animoca Brands has no plans to raise funds yet this year. Data coming from corporative releases show that by November it had more than $200 million in cash and about $940 million in cryptocurrencies considered liquid as part of its reserves; in July the company raised $75 million, bringing its valuation to $5.9 billion.
More recently, in September, Animoca secured $110 million in a round led by Singapore-capitalized VC firms Temasek, Boyu Capital, and GGV Capital.
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