Animoca Brands is currently valued $5.9 billion, in part due to previous successful funding rounds. The company secured $359 million in January from investors such as the Winklevoss twins and George Soros. In July, the company raised a further $75 million.
Temasek’s involvement in the funding round falls in line with the company’s previous investments into the emerging cryptocurrency market, preferring to invest in service providers than in any currency directly. The firm led a $200 million Series C round for Immutable in March, bringing the company’s valuation to $2.5 billion. Prior to this, Temasek participated in a $200 million funding round for Amber Group.
This investment follows the so-called crypto winter, which saw over $2 trillion in digital asset value lost in November 2021 – a quarter-on-quarter loss of 26 per cent. Pitchbook forecasts that the market is set to fall further in the current period.
While the decrease in market value is a negative, a fall in stock price can offer opportunity for growth and investment, as more stock can be purchased for a lower price. Animoca Brands is hoping to capitalise on this downturn by buying up stakes in some of the biggest companies in the industry, says CEO Yat Sui.
With a growing portfolio of more than 340 investments, Animoca Brands is one of the fastest-growing companies in the Web3 space. Part of this growth can be attributed to the company’s presence in the emerging metaverse, including developing leading platform The Sandbox. The company is helping to cement the metaverse as not just an important concept in the games space, but the economic ecosystem as a whole.
Last month, we listed Animoca Brands as one of the top 50 mobile game makers of 2022.