Hong Kong-based blockchain gaming specialist Animoca Brands has raised $20 million towards its flagship metaverse project Mocaverse.
Animoca’s vision for Mocaverse is to develop a Web3 gaming, culture and entertainment brand, aiming for an ecosystem with more than 700 million possible users.
The Mocaverse metaverse
The latest funding round was led by venture capital firm CMCC Global, known for its focus on Web3 and blockchain. As reported by GamesBeat, the firm’s $20 million investment will be made through an issue of Simple Agreements for Future Equity (SAFEs) at $4.50 per share.
These funds will then be used by Animoca to accelerate Mocaverse’s development and drive Web3 uptake, as well as contribute to the release of a new non-transferable NFT collection called Moca ID. This collection will give Mocaverse users the opportunity to create on-chain identities and build up loyalty points, meanwhile gaining exclusive access to experiences.
"We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralisation," said Animoca Brands executive chairman Yat Siu.
"In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralised organisations."
CMCC Global co-founder Martin Baumann added: "Having built a long-term relationship with Animoca Brands, we are thrilled to be leading this first round of funding into Mocaverse. The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems.
"At CMCC Global, we look to support innovative founders that are pushing the boundaries of our industry. Yat Siu has proved time and again his ability to lead Web3 in creative new directions and we are excited to be supporting him and the Animoca Brands team once again as they venture into the Mocaverse."
The investment news comes shortly after an announcement that Animoca Brands is partnering with Japanese company Matsui for another Web3 initiative.