Animoca Brands Decreases $2B Metaverse Fund Raising Goal to $1B

• Siu earlier said that the target range for Animoca Capital’s fundraising was $1B–2B.
• The real fundraising process will begin in the first quarter of 2023 as per Siu.

Animoca Brands has scaled down its initial goal of $2 billion and will instead raise $1 billion for its metaverse investment fund in the first quarter of this year.

Chairman Yat Siu of Animoca Brands told Bloomberg in a Twitter Spaces conversation:

“We had initially looked at a target of $1 billion, whether it goes upsized or downsized we don’t know yet.” “The current state of the market suggests it may be lower.”

Siu had earlier said to Nikkei that the target range for Animoca Capital’s fundraising was $1–2 billion. Unfortunately, the FTX collapse and Animoca’s lack of fundraising for the new fund cast doubt on the accuracy of his predictions, and the lower end of the projected range now seems more appropriate.

Plenty of Funding Options Though

Siu has stated that the real fundraising process will begin in the first quarter of 2023. He went on to say that the market is not “super optimistic” after the FTX collapse, but that there are still plenty of funding options for the enterprise.

While he anticipates more investment from Asia than the United States, Siu reassures that “there continues to be multiple pools of capital that has interest in this space” Despite the doom and gloom that has befallen the crypto business, VC funding keeps rolling in.

Animoca, according to Siu, has just concluded a capital round for one of its portfolio firms, but he would not specify which one. He said that “top-name, top-tier VCs” were responsible for providing the funding. Throughout the talk, Siu was optimistic about Asia’s potential to become a crypto leader, going so far as to claim that his business now prefers Hong Kong over the US as the ideal venue for an IPO.

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