Leading <a href="https://www.cryptoknowmics.com/news/web3-projects-lost-over-2b-to-hackers-this-year-report/" target="_blank" rel="noopener">Web3</a> game developer and investor, Animoca Brands has raised a further $75 million in funding at a valuation of $5.9 billion. The funding will be channeled toward product development, acquisitions, investment, and IP licensing.
<h2>Animoca Brands Raises Fresh Fundings</h2>
Amid the current market downturn, Animoca Brands has <a href="https://www.animocabrands.com/animoca-brands-raises-over-usd-75-million-to-advance-vision-of-open-metaverse" target="_blank" rel="nofollow noopener">completed</a> the second phase of a $75.3 million funding round from earlier this year, raising the company's valuation to $5.9 billion.

The investors in the round included Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, Generation Highway, Cosmic Summit Investments, and others.

With the new funding, Animoca has raised $675.3 million to date. Previous investors include C Ventures, Delta Fund, Gemini Frontier Fund, Soros Fund Management, and Winklevoss Capital.

Animoca Brands vowed to use the fresh funding to hire more people, upgrade its products, as well as secure licenses for popular intellectual properties and advance the open <a href="https://www.cryptoknowmics.com/news/playboy-is-building-a-metamansion-in-the-sandbox-metaverse/" target="_blank" rel="noopener">metaverse</a>.

Commenting on the development, Yat Siu, co-founder and executive chairman of Animoca Brands, said:
<blockquote><em>"We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership."</em></blockquote>
Animoca Brand's portfolio contains more than 150 NFT-related projects, including Play-to-Earn game Axie Infinity, blue-chip companies like Dapper Labs, and the largest NFT trading platform <a href="https://www.cryptoknowmics.com/news/opensea-co-founder-alex-atallah-to-step-down-next-month/" target="_blank" rel="noopener">OpenSea</a>. The company also has a majority stake in the metaverse game The Sandbox.

Animoca Brands Raises $75M Funding Despite Slumping Markets

Leading Web3 game developer and investor, Animoca Brands, has raised a further $75 million funding at a valuation of $5.9 billion.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Animoca Brands Raises $75M Funding Despite Slumping Markets

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