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Animoca Brands and Everest Ventures Group partner to cross-invest in upcoming Web3 projects

New products and games are on the way from both companies this year
Animoca Brands and Everest Ventures Group partner to cross-invest in upcoming Web3 projects
Date Type Companies Involved Size
Jun 4, 2024 partnership Animoca Brands Not disclosed
  • Animoca Brands and Everest Ventures Group have partnered with cross-investments in each other’s projects
  • Web3 games Legend of Arcadia, Last Odyssey, and Anichess are each receiving investment

Web3 investors Animoca Brands and Everest Ventures Group (EVG) have partnered with cross-investments into each other’s current projects.

The strategic deal aims to build upon their shared vision for a stronger Web3 ecosystem and to encourage further collaboration in the space.

Investments in Asia

Both Animoca Brands and EVG are based in Asia, with the former focused on advancing the metaverse and the latter on building Web3 ventures. Animoca became a widely recognisable name in the space through its connections to The Sandbox, Axie Infinity, Crazy Defense Heroes, and more.

Animoca Brands also invested in Sky Mavis’ follow-up game Axie Infinity: Origin during a $150 million funding round.

Now, through Animoca’s partnership with EVG, the former is backing various EVG projects due to launch this year - particularly those aiming to increase the accessibility of Web3 experiences. Such products include OpenSocial Protocol and Zeek, a composable infrastructure layer and decentralised collaboration network for on-chain social bounty and reputation, respectively.

On the gaming side, Animoca Brands is investing into EVG’s turn-based RPG Legend of Arcadia and simulation game Last Odyssey.

"EVG is one of our earliest allies and dedicated builders. We're thrilled to further elevate our partnership and support EVG’s various projects, which we believe have a high potential for mass adoption," said Animoca Brands co-founder and executive chairman Yat Siu.

Web3 goes on

EVG, meanwhile, is backing Animoca’s projects like Web3-focused studio Darewise, marquee growth network Mocaverse, and on-chain magical chess game Anichess.

"Even as the market faces headwinds, Animoca Brands continues to prove itself as a pioneering leader in making Web3 the future of the digital world. While others retrench, Animoca Brands and EVG press forward with projects and products to reshape the digital landscape," said EVG co-founding CEO Allen Ng.

"We believe that in the upcoming market it will be real use cases and products - not speculation - that will emerge to drive long-term adoption. We look forward to collectively pushing boundaries and delivering projects that withstand bear markets by offering true utility."

Animoca Ventures previously invested in Zynga, FunPlus and NetEase veterans during their $8 million funding round towards an NFT dinosaur game, Age of Dino.