Animoca Brands decided to raise $1 billion for its investment fund instead of the previously announced $2 billion
Blockchain game developer and investor Animoca Brands decided to raise $1 billion for its investment fund for Web3 and the Metaverse earlier this year, easing previous raising ambitions to $2 billion.. Bloomberg writes about it.
Animoca Capital is in talks with potential investors and will channel the money to support startups related to blockchain and the metaverse, said co-founder Yat Siu, who is also chairman of Animoca Brands.
Sioux previously argued that Animoca Capital's fund could raise between $1 billion and $2 billion. However, his comments were made both before the collapse of the FTX crypto exchange and before Animoca raised money for a new fund.. He added that while the market is not “over-optimistic” after the FTX crash, there are still many sources of capital for the new fund.. Sioux remains optimistic that capital and interest in the crypto sphere persists. According to him, a number of Animoca subsidiaries raised money even amid FTX's bankruptcy..
“There are still a few pools of capital that are interested in this space,” Siu said, adding that he expects more funds to come from Asia than from the US.
Animoca Brands, with stakes in over 380 firms, has no further fundraising plans. The focus of the fund is on developing an ecosystem of complementary crypto firms creating solutions for Web3.
“The goal is the first quarter and then we'll see what happens,” Siu said, commenting on the fundraising timing for the fund.
Sioux spoke about plans to launch a fund in an interview with Nikkei Asia in November last year.. According to him, the fund will focus on projects that have already existed for some time.. However, according to what criteria the investments will be distributed, the co-founder of Animoca did not specify. It is only known that the fund will focus on “digital property rights”.
In March last year, Animoca Brands applied sanctions against Russian users. In addition to shutting down users, Animoca also stopped selling shares to Russian investors.
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