Hong Kong-based open metaverse company Animoca Brands has secured US$20 million in a round led by CMCC Global.
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 others also joined the round.
Animoca Brands’s Executive Chairman and Co-Founder, Yat Siu, also participated.
The new capital will be used to advance the company’s Mocaverse project, including product development, facilitating Web3 adoption, and securing partnerships to expand its portfolio’s gaming, culture and entertainment ecosystem.
Also Read: Animoca Brands to acquire MotoGP developer WePlay Media
Mocaverse is building Web3-native tooling to empower products in gaming, culture, and entertainment verticals. This allows users to create their own digital identity, accrue reputation, earn and spend loyalty points and use their digital identity to access the Mocaverse ecosystem, seeded by Animoca Brands’s 450-plus portfolio companies and partner network with over 700 million addressable users.
Mocaverse will soon launch Moca ID, a non-transferrable NFT collection designed to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem. Moca ID holders can access Mocaverse ecosystem experiences and earn loyalty points through active engagement.
These loyalty points will power a permissionless and interoperable loyalty system that will be progressively decentralised to enable third-party adoption and integration of Moca ID to advance the accessibility and growth of Web3.
“The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem. In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralised organisations,” Siu said.
Also Read: Animoca Brands acquires US-based music metaverse company Pixelynx
Animoca Brands develops and publishes a broad portfolio of products, including original games such as The Sandbox, Phantom Galaxies, Life Beyond, Crazy Kings, and Crazy Defense Heroes, and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP, and Formula E.
It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Life Beyond Studios, Notre Game, TinyTap, Be., PIXELYNX, and WePlay Media.
In September 2022, Animoca Brands secured US$125 million from investors, including Boyu Capital, Singapore’s Sovereign Wealth Fund Temasek and GGV Capital. Singapore-based Web3 investor True Global Ventures 4 Plus Fund and its follow-on fund TGV 4 Plus FoF also joined with a US$17.2 million convertible note investment.
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Image Credit: Animoca Brands.
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