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Animoca plans acquisitions after $110 million funding round

Animoca
TL;DR Breakdown
  • Animoca set for acquisitions after funding round
  • Temasek led the funding round
  • Animoca plans to seal strategic partnerships

Animoca have announced that it has completed a funding worth $110 million, which Temasek led. According to the update, the company noted that it will infuse the raised funds into new acquisitions. The announcement pointed out that the funding was completed after it issued notes that can be converted to a closed list of investors. In the statement from the firm, the conversion price is set at $4.50. This new figure places the company’s value in the same bracket that it was with the earlier funding.

Temasek led the funding round

Some firms involved in the round are Boyu Capital, GGV Capital, and high-flying firm Temasek. The statement mentioned that these investors have drummed up an exquisite list of new investors that would be strategic to the company’s growth. Aside from that, they will also advise the company on ways to better its organizational structure. The announcement also said that the three firms would provide inputs that will help Animoca in terms of gains and the business aspect of the firm. Aside from those three, two other companies were involved in the round.

Animoca wants to seal strategic partnerships

The statement also mentioned that Animoca has plans to use the funds to make strategic acquisitions and investments. The company also intends to create new products for its users and earn a license for new properties. The platform is also considering more advancements in the metaverse market, with its eye keenly on ways that would be best to help promote digitals for users in the space. Giving his review of the events, the brand’s co-founder mentioned that the round was necessary for the firm.

He mentioned that there are looking to seal strategic partnerships with the firms as they look towards furthering essential services in the Web3 market. The previous reports in August stated that Temasek would headline a funding for the company. Temasek has been actively seeking funds for crypto firms over the years with a previous one completed for heavyweights Binance. An executive of the company clarified that they are not actively involved in crypto as they are only involved in a business that carries out related services.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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