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Immutable, Australian-based NFT start-up raises $200 million in a funding round

OpenSea

TL;DR Breakdown

  • Immutable raises $200 million in Series C financing round.
  • The firm has plans to grow internationally, increase its staff, and investigate M&A possibilities.

Investors continue to put money into the non-fungible token (NFT) market. Cryptocurrencies and the DeFi market are rapidly developing markets for NFTs while attracting developers and traders. The global NFT industry is presently worth tens of billions of dollars.

Immutable series c funding

On Monday, March 7th 2022, Immutable, the startup firm behind the NFT-focused scaling network Immutable X, announced a $200 million Series C funding round. The company is now worth around $2.5 billion. Temasek led global investors to invest in the Australian firm.

Mirae Asset, Animonica brands, Declaration Partners, Tencent Holdings, and a slew of other investors are among the top who invested in this $200 million round. Previous investors included Alameda Research, AirTree Ventures, and Fabric Ventures.

With a fresh injection of cash, the firm intends to branch out worldwide, grow its staff and look into M&A possibilities. The company’s current headcount is 165 people; it expects to add 200 more over the next year. The company had previously secured funding at a valuation of $410 million in 2021. Immutable X is now used by several platforms, including OpenSea, TikTok, and GameStop.

Immutable is the developer behind two popular games: Gods Unchained and Guild of Guardians. In Gods Unchained, players can trade cards with each other. Guild of Guardians is a mobile game that allows players to earn rewards that they can trade with others.

NFT’s global market expansion

The company recruited four C-suite executives to help facilitate the company’s worldwide growth. Gill Findlay stands as the company’s Chief Operating Officer. John Boris acts as the company’s chief growth officer, Justin Hulog as the Head of Studio Operations, and Katherine Rau as the Head of People Operations.

In February 2022, the platform announced a partnership with GameStop. The objective of the alliance is to launch GameStop’s NFT marketplace as well as a $100 million investment fund to assist Web3 and metaverse, gaming developers.

Currently, the global NFT industry stands at tens of billions of dollars in market capitalization. Earlier this year, Autograph, an NFT platform co-founded by professional football star Tom Brady, raised over $170 million from elite Silicon Valley investors.

Immutable raised $60 million in its last funding. The current round brings its valuation to $2.5 billion. The funding makes it one of the most valuable startups in the world.

Immutable is also the developer of Immutable X. The technology enables transactions to happen at a far greater speed than Ethereum. Additionally, it is the most popular Layer 2 scaling solution for NFTs, allowing gas-free creation and trading while maintaining security on the world’s most utilized blockchain for NFTs.

James Ferguson, Immutable’s CEO stated: Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry. Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.”

Florence Muchai

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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