Singapore-based investment firm Temasek Holdings is set to lead a $100 million funding round for the famous Hong Kong-based play-to-earn gaming platform Animoca Brands, Bloomberg reported Tuesday.
Temasek to Invest in Animoca
The Singapore investment agency will participate in the funding round via convertible bonds. Convertible bonds are corporate bonds that can be converted into shares of the issuing firm, which in this case is Temasek.
Temasek is not known for investing directly in cryptocurrencies. Instead, the firm invests in various companies that offer crypto services. Examples of such platforms it has backed include blockchain infrastructure company ConsenSys where it joined a $450 million funding round and NFT company Immutable where it led a $200 million Series-C funding round.
Animoca Hits $5.5B Valuation
Temasek’s latest interest in Animoca is targeted at adding to a funding round for Animoca Brands, which began in January.
Recall that Animoca started a fund round in January, which was meant to bring its valuation to $5 billion, but it got delayed for six months due to the crypto market meltdown and other factors like the collapse of the Terra ecosystem and the crypto hedge fund 3AC.
Last month, the funding round resumed with Animoca securing $75 million, securing $75 million, which was led by Liberty City Ventures, and other companies. The funding pushed its valuation to $5.5 billion, from the $2.2 billion valuation in October 2021.
Animoca Brands Japan, the Japanese subsidiary of the gaming platform, announced last week that it has received $45 million from Animoca Brands Corporation Limited and MUFG Bank Ltd (MUFG), bringing its pre-valuation to $500 million. The fund is aimed at bolstering the Web 3 business across Japan.
Meanwhile, despite the $2 trillion market decline, venture capital firms and institutional investors continue to invest in blockchain startups.
Last week, blockchain company ThirdWeb raised $24 million, bringing its valuation to $160 million. The funding round, led by Haun Ventures and Coinbase, is geared toward bolstering the Web 3 ecosystem.
Source: https://coinfomania.com/emasek-to-lead-100m-funding-for-animoca-brands/