The organization advancing digital property rights for gaming and the open metaverse, Animoca Brands Corporation Ltd, declared on Monday that it had secured legally binding commitments for a funding round to advance one of the company’s flagship projects, Mocaverse.
As part of the raise, the company gave the investors in the round a free-attaching utility token warrant on a 1:1 dollar basis. Animoca Brands has raised $20 million (roughly A$31.3 million) by issuing new ordinary shares at a price per share of A$4.50.
Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors of Koda Capital, and others also participated in the funding round, which was led by CMCC Global. Yat Siu, the co-founder and executive chairman of Animoca Brands, is also taking part in the round.
The additional funds will be used to advance the Mocaverse initiative, including product development, promoting Web3 adoption, and establishing partnerships to broaden the gaming, cultural, and entertainment ecosystem of Animoca Brands’ portfolio of roughly 450 investments in Web3 businesses and initiatives.
Animoca Brands’ 450+ portfolio companies and partner network, which collectively have over 700 million addressable users, are the seed for the Mocaverse ecosystem. Mocaverse is developing Web3-native tooling to empower products in the gaming, culture, and entertainment verticals. Users can use their digital identities to create their own digital identities, build reputations, earn and spend loyalty points, and gain access to the Mocaverse ecosystem.
One of the first venture capital firms in Asia that only invests in blockchain and Web3 projects is CMCC Global. With early investments in popular projects like Ethereum (ETH) at $7, Solana (SOL) at $0.20, and Cosmos (ATOM) at $0.10, CMCC Global has an admirable track record. Assets under management (AUM) for all of CMCC Global’s funds have surpassed $500 million, and the company is recognized as a high-conviction investor.
The company currently operates a number of funds with various strategies, including the CMCC Global Digital Asset Fund, the Titan Fund, and Crest, and has offices in Asia, North America, and Europe.
Yat Siu, the co-founder and executive chairman of Animoca Brands, commented: “We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralisation. The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem. In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralised organisations.”
Martin Baumann, the co-founder of CMCC Global, said: “The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems.”
