Animoca Brands subsidiary OliveX secures US$1 million

2019-02-25 11:58:00
Apps by OliveX have accumulated over 1.4 million downloads in the last 12 months.
The US$1 million capital raising equates to about A$1.4 million

Animoca Brands Corporation Ltd’s (ASX:AB1) subsidiary OliveX (HK) Limited has secured US$1 million in funding from strategic investors including Alabaster and Antanas Guoga.

OliveX was launched in March 2018 and it develops and publishes products that leverage artificial intelligence (AI) and gamification to improve users’ health and fitness.

The global mobile health market had an estimated valued of US$24.2 billion in 2017 and is forecast to grow at a compounded annual growth rate (CAGR) of 26.1% reaching US$152.6 billion by 2026.

Today’s funding will advance OliveX’s body motion AI initiatives and a number of additional opportunities in the wellness space, including potentially deploying the capital for app acquisitions.

READ: Animoca Brands has an early lead in blockchain gaming boom

Animoca’s co-founder and chairman Yat Siu said: “The board and management of Animoca Brands are pleased with the continued expansion in OliveX’s strategic investor base.

“OliveX continues to attract a high level of management and market support. We look forward to OliveX’s progression in the health and wellness space as it unlocks value for Animoca Brands and its shareholders.”

Over 1.4 million downloads in the last 12 months

OliveX has accumulated over 1.4 million downloads in the last 12 months with fitness apps such as 22 pushups, Vora - Fasting Tracker, and Lympo Squat.

Investors include Alabaster and Antanas Guoga

Strategic investors in the raising included Alabaster and EU parliament member Antanas Guoga, also known as Tony G.

Alabaster is a start-up investor focused on companies that it believes will have a global impact founded by Sonny Vu who is chairman of OliveX.

Vu previously founded Misfit, a wearable activities tracker company that was acquired by Fossil Group, Inc., in 2015 for US$260 million.

Tony G is a prominent Lithuanian businessman and politician, and the co-founder of leading blockchain fitness company Lympo.