Australian-floated, Hong Kong-based mobile publisher Animoca Brands (ASX: AB1) has raised $5 million.

It sold 32.5 million shares in an over-subscribed institutional placement, which it said attracted "highly regarded institutions as well as some sophisticated investors".

In addition, the company hopes to raise a further $800,000 from existing shareholders who can invest at the same price via a share purchase plan.

The company previously raised $3.5 million in December 2015.

Looking ahead

The new funds will be used to "meet working capital requirements and strategic growth opportunities"

As well as mobile games, Animoca Brands is moving into e-books, and also looking to acquire content and IP for its branded game and app portfolio.

"With this funding we're well positioned to expedite the development of our e-books in partnership with Mattel and continue to increase our app portfolio and user base as we seek further advertising revenue opportunities," commented CEO Robby Yung.