Ethereum NFT Platform Immutable Closes $200M Raise

NFT and gaming-focused crypto startup Immutable announced today that it had raised $200 million in a Series C funding round led by Singapore’s state-owned investment company Temasek. The raise values the company at $2.5 billion. 

Immutable Secures $200 Million 

The NFT and crypto gaming-focused scaling platform Immutable has raised $200 million in a Series C funding round.

Immutable announced the raise in a Monday tweet storm. Singapore’s state-owned investment company Temasek led the round, while a host of major crypto venture firms including ParaFi Capital, Alameda Research, and Arrington Capital also participated. 

The raise puts Immutable’s valuation at $2.5 billion, an approximate six-fold increase from the $410 million valuation the company landed at its previous funding round in September 2021. The firm said it would use the fresh capital to hire over 200 new employees over the next year, scale to meet the increasing demand for its NFT platform, expand into new verticals, and explore merger and acquisition opportunities. 

“NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing,” Immutable’s co-founder and president, Robbie Ferguson, said on Twitter. 

Immutable’s flagship product is Immutable X, an Ethereum-based Layer 2 scaling protocol for NFTs. Immutable X leverages StarkWare’s ZK-Rollup solution, StarkEx. It provides a high-transaction throughput environment with zero gas fees, instant trade confirmations, and instant withdrawals to Ethereum without sacrificing security. The team also developed some of crypto’s most popular play-to-earn games, Gods Unchained and Guild of Guardians.

In February, the firm partnered with the world’s largest video game retailer, GameStop, to support its NFT marketplace launch alongside a $100 million fund dedicated to supporting blockchain game developers. Other notable companies building on Immutable’s Layer 2 scaling platform include TikTok, OpenSea, and Illuvium.

Disclosure: At the time of writing, the author of this piece owned ETH, ILV, and several other cryptocurrencies.