Animoca Brands has closed a second and final tranche of US$50 million as part of the US$138.88 million unicorn capital raise initiative, which was conducted at a pre-money valuation of US$1 billion.
Among the investors who took part in the tranche-2 are Blue Pool Capital, Coinbase Ventures, Gobi Partners, Korea Investment Partners, Liberty City Ventures, Samsung Venture Investment Corporation, Scopely, Token Bay Capital and zVentures (the corporate venture arm of Razer Inc).
In the first tranche, the company raised capital of US$88.88 million (around A$113.5 million) at a price of A$1.10 per share, based on a valuation of US$1 billion (A$1.28 billion), and with the completion of the second tranche; the total capital raised during the entire exercise is more than US$138.88 million.
New strategic investors
Animoca Brand co-founder and chairman Yat Siu said: “We are honoured and excited to welcome strategic investors who offer powerful synergy and partnership opportunities.
“The strong demand we saw in this raise is a clear endorsement for Animoca Brands’ mission to deliver digital property rights to gamers and build the Metaverse.”
Use of funds
The company plans to use the capital to fund strategic investments and acquisitions, product development and licences for popular intellectual properties.
Animoca Brands is focused on bringing digital property rights to video gamers and the Metaverse through the use of blockchain and non-fungible tokens (NFTs), which provide true digital ownership, play-to-earn capabilities, and digital asset interoperability.
Following the success of its blockchain game titles including F1® Delta Time, The Sandbox and MotoGP™ Ignition, Animoca Brands has emerged as a leading force in the field of blockchain, NFTs, and games, having already made successful investments in Dapper Labs, Opensea, Bitski, Axie Infinity and many others.
With the recent launch of the GAMEE, TOWER and LMT tokens, Animoca is trailblazing the use of blockchain-based in-game rewards, creating innovative new ways to monetise video games - a market estimated to be worth US$179.7 billion in 2020.
Details of capital raise
The company has executed subscription agreements with various institutional and professional investors to raise a total of US$138.888 million (approximately A$181.38 million) in two tranches by issuing a total of 164.8 million new shares at a subscription price of A$1.10 per share.
The equity raising was based on a pre-money valuation of Animoca Brands of US$1 billion (approximately A$1.28 billion).
Animoca Brands’ corporate advisor Everest Ventures Group advised on and assisted with this capital raise.