The completion of an $88,888,888 capital raise based on a valuation of $1 billion, has been announced by NFT-focussed game developer, Animoca Brands.
Kingsway Capital, Hashkey Fintech Investment fund, RIT Capital Partners, and Huobi were the participants in the fund raise and which was announced on May 13. At a subscription price of $0.85 each, 93.4 million newly issued shares in Animoca Brands will be distributed to the investors at a subscription price of $0.85 each
Animoca Brands’ co-founder and chairman, Yat Siu, noted that its strategic investors share the company’s “vision for NFTs redefining equity and property rights online.” Kingsway founder and CEO, Manuel Stotz, added:
“The emergence of digital property rights, whether via Bitcoin or NFTs, is perhaps the greatest opportunity for financial inclusion for the bottom three billion frontier and emerging market consumers, as well as an opportunity for a more decentralized and thus more equitable global Internet.”
To commemorate the raise, Animoca will issue a special nonfungible token to its investors and key partners.
The company says that funding will be used for product development, acquisitions, and securing licensing rights for its games. Animoca has released notable titles including The Sandbox, F1 Delta Time, and MotoGP Ignition, and has invested in leading teams in the NFT space including Dapper Labs, Opensea, and Axie Infinity.
Last month, Animoca was ranked among Statista’s list of the top 500 high growth companies in the Asia-Pacific region for 2021, in addition to being named one of Australia’s fastest-growing companies.