On September 11, 2023, Animoca Brands Corporation Limited (“Animoca Brands”), a leading player in the world of digital property rights, gaming, and the open metaverse, announced a significant milestone. The company successfully closed a funding round, raising a substantial $20 million (approximately A$31.3 million). The funding was secured by issuing new ordinary shares at a price per share of A$4.50. As part of this funding round, the company also granted a utility token warrant on a 1:1 dollar basis to the investors involved.
Backing from Prominent Investors
CMCC Global led the funding round, underscoring its commitment to blockchain and Web3 investments. Other notable investors who participated include 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 Animoca Brands’ co-founder and executive chairman, Yat Siu.
Fueling the Mocaverse Project
The infusion of capital will be directed towards the acceleration of the Mocaverse project, a marquee initiative by Animoca Brands. The project aims to establish itself as the identity and point system for Web3 in the realms of gaming, culture, and entertainment. This ambitious endeavor involves various facets:
- Product Development: The funding will support product development, enabling Mocaverse to create Web3-native tools.
- Facilitating Web3 Adoption: Animoca Brands intends to promote Web3 adoption by making it more accessible to users and partners.
- Expanding the Ecosystem: Partnerships will be formed to expand the gaming, culture, and entertainment ecosystem within Animoca Brands’ portfolio, which already boasts approximately 450 investments in Web3 companies and projects.
Moca ID: Your Digital Identity in Web3
A pivotal aspect of the Mocaverse project is Moca ID, a collection of non-transferable NFTs. This innovative concept empowers users to forge their unique digital identities, earn and spend loyalty points, and gain access to the Mocaverse ecosystem. Moca ID holders will enjoy exclusive experiences within the ecosystem and the opportunity to accumulate loyalty points through active participation.
Envisioning a Decentralized Future
Mocaverse intends to develop a permissionless and interoperable loyalty system. This system will eventually be decentralized, allowing third-party adoption and integration of Moca ID. The ultimate goal is to enhance the accessibility and growth of Web3.
CMCC Global’s Role
CMCC Global, one of Asia’s earliest venture capital firms dedicated to blockchain and Web3 investments, has played a pivotal role in this funding round. With an impressive track record of early investments in projects like Ethereum (ETH), Solana (SOL), and Cosmos (ATOM), CMCC Global brings valuable expertise to the table. The firm currently manages over US$500 million in assets across various funds.
Leadership Perspective
Yat Siu, co-founder, and executive chairman of Animoca Brands, expressed gratitude for the investors’ support and emphasized the importance of Mocaverse’s DAO-based approach. He highlighted that Mocaverse would not only empower users but also serve as the digital identity, reputation, and loyalty system for other decentralized organizations.
Martin Baumann, co-founder of CMCC Global, shared his excitement about leading the funding round, emphasizing the unification of Animoca Brands’ portfolio companies within the Mocaverse project. He believes that Mocaverse will act as a gateway for millions of users to access Web3 and metaverse ecosystems.
Raising Capital Details
Animoca Brands issued Simple Agreements for Future Equity (SAFEs) to sophisticated and professional investors. These SAFE agreements aim to raise a total of US$20 million at a price of A$4.50 per share. After six months, the SAFEs will automatically convert to ordinary shares, with the number of new shares determined by the AUD:USD exchange rate at the time of settlement.
With this strategic funding round, Animoca Brands is poised to make significant strides in shaping the future of Web3, digital identity, and loyalty systems.
About Animoca Brands
Animoca Brands is a renowned leader in digital entertainment, blockchain, and gamification. The company is dedicated to advancing digital property rights and contributing to the emergence of the open metaverse. Animoca Brands boasts a diverse portfolio of products, including original games and collaborations with popular intellectual properties. Additionally, the company has made over 450 Web3 investments, supporting projects like Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), and Yield Guild Games.
For more information about Animoca Brands and its initiatives, visit their official website or follow them on social media.
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