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Animoca Brands slashes its metaverse fundraising target by half

Animoca Brands slashes metaverse fund raise target by half

TL;DR Breakdown

  • Animoca Brands slashes its metaverse fundraising target to $1 billion.
  • Animoca Brands’ chairman had indicated previously that their metaverse fund could raise up to an impressive $2 billion.

Animoca Brands targets collecting up to $1 billion for its metaverse investment fund early this year, lowering its prior objective of amassing as much as $2 billion.

In a Twitter Spaces discussion with Bloomberg, Animoca Brands Chairman Yat Siu shared that their original goal was to reach $1 billion in targets. However, the amount may be slightly decreased due to current market conditions. According to him, the company is unsure of the exact figure but remains confident and optimistic about its prospects.

Animoca’s fundraising efforts to begin in the first quarter of 2023

Siu had initially articulated to Nikkei that Animoca Capital could raise between $1 billion and $2 billion. However, his comments came before the fall of FTX, and no money was raised for this fund; thus, it appears more likely that the target is closer to the lower end.

Also, Siu confirmed that fundraising efforts would kick off during the initial three months of this year. Despite the FTX meltdown, which caused a dampening of market sentiment, he added that there is no shortage of capital available for new initiatives.

Siu commented that there is still an immense amount of capital interested in this sector, hinting that we should anticipate more investments coming from Asia than the United States. Despite the harsh environment affecting the crypto industry, venture capital firms still persistently invest in it.

Siu disclosed that Animoca had just successfully secured funding for one of its portfolio companies, though he did not make known which. He specified the capital came from renowned and premier venture capitalists. Also, he argued that there were ample opportunities to capitalize in the crypto space.

Animoca explores opportunities for launching an IPO in Hong Kong

Siu was highly optimistic about Asia’s potential to be a leader in the cryptocurrency industry and even suggested that his company now sees Hong Kong as more advantageous than the US for an initial public offering. According to Siu, due to its progressive policies, Hong Kong is becoming a frontrunner in the crypto-asset industry. “Being located in Hong Kong as well is a bonus for Animoca,” he added.

After being listed on the Australian Securities Exchange in 2015, Animoca was forced to delist in 2020 due to its inability to abide by various listing rules. However, the company has since gone on to raise millions from leading companies such as UbiSoft, Sequoia Capital, and SoftBank through successive funding rounds.

Temasek and GGV Capital backed its most recent round in September 2022 at a $6 billion valuation to prepare it for an “IPO-ready” state.

On Thursday, Siu announced that it was only a matter of time before the company went public – and hinted that its listing location could change. “We’ve become increasingly fonder of Hong Kong,” He said.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space.

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