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Animoca brands raises $110 million before IPO

Animoca Brands, a Hong Kong-based blockchain gaming developer and notable crypto project investor, has raised $110 million in capital through the issuance of convertible notes as it prepares for an initial public offering. According to a business statement released on September 8, the latest funding round is led by Singapore’s state-owned investment firm Temasek, as well as US venture capital firm GGV Capital and Chinese private equity firm Boyu Capital. Existing investors, Mirae Asset Management and True Global Ventures, are also on board. According to the company, Animoca Brands’ capitalization remains about $5.9 billion.

Temasek, GGV, and Boyu Capital will work with and advise Animoca Brands on a variety of business challenges, including organisation, process, and governance, to help it become “pre-IPO ready,” according to the blockchain gaming startup. However, Animoca Brands said that neither the timeline nor the location of the listing have been specified. In March 2020, it was delisted from the Australian Securities Exchange for violating the bourse’s listing regulations.

The funding will be used to keep up with product development, licensing for intellectual property, strategic acquisitions, investments, and expansion into the open metaverse.

Numerous well-known investors looking to support Animoca Brands’ efforts to build the open metaverse have come calling. Animoca Brands recently received $75 million in a fundraising round that valued the company at $5.9 billion, despite the ongoing bear market in cryptocurrencies. The long list of investors in the company also includes Sequoia China, Tyler and Cameron Winklevoss’ Gemini Frontier Fund, and billionaire George Soros’ Soros Fund Management.

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