Animoca Brands raises US$20M for its Mocaverse project
Animoca Brands envisions Mocaverse as the identity and point system for Web3 gaming, culture, entertainment
11 September 2023 – Animoca Brands Corporation Limited (“Animoca Brands” or the “Company”), the company advancing digital property rights for gaming and the open metaverse, today announced it has received binding commitments for a funding round to accelerate Mocaverse, one of the Company’s marquee projects. Animoca Brands has raised US$20 million (approximately A$31.3 million) via the issue of new ordinary shares at a price per share of A$4.50; as part of the raise, the Company has granted to the investors in the round a free-attaching utility token warrant on a 1:1 dollar basis.
The funding round was led by CMCC Global, with other investors including 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. Yat Siu, the executive chairman and co-founder of Animoca Brands is also participating in the round.
The new capital will be used to advance the Mocaverse project, including product development, facilitating Web3 adoption, and securing partnerships to expand the gaming, culture and entertainment ecosystem of Animoca Brands’ portfolio of approximately 450 investments in Web3 companies and projects.
Mocaverse is building Web3-native tooling to empower products in gaming, culture, and entertainment verticals, allowing 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' 450+ 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 will gain exclusive access to Mocaverse ecosystem experiences and will have the unique opportunity to 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, with the aim to advance the accessibility and growth of Web3.
CMCC Global is one of Asia’s first venture capital companies focused solely on blockchain and Web3 investments. As a pioneer investor in the space, CMCC Global has an enviable record of investing early in leading projects such as Ethereum (ETH) at US$7, Solana (SOL) at US$0.20 and Cosmos (ATOM) at US$0.10. CMCC Global has reached an AUM of over US$500 million across its funds and is known as a high-conviction investor. Today the company has offices in Asia, North America and Europe and operates several funds with different strategies including the CMCC Global Digital Asset Fund, the Titan Fund and Crest.
Yat Siu, the co-founder and executive chairman of Animoca Brands, commented: “We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralisation. 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.”
Martin Baumann, the co-founder of CMCC Global, said: “Having built a long term relationship with Animoca Brands, we are thrilled to be leading this first round of funding into Mocaverse. The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems. At CMCC Global, we look to support innovative founders that are pushing the boundaries of our industry. Yat Siu has proved time and again his ability to lead Web3 in creative new directions and we are excited to be supporting him and the Animoca Brands team once again as they venture into the Mocaverse.”
Details of raise
Animoca Brands is issuing Simple Agreements for Future Equity (SAFEs) with various sophisticated and professional investors to raise a total of US$20,000,000 (approximately. A$31.3 million) at the price of A$4.50 per share. The SAFEs will be automatically converted to ordinary shares after six months. The number of new shares to be issued will be determined by the AUD:USD exchange rate at the time of settlement. The Company’s number of current outstanding fully paid ordinary shares is 1,910,074,127. As part of the raise, the Company has granted to participating investors a free-attaching utility token warrant (at a nominal price) on a 1:1 dollar basis with a 30-month vesting schedule.
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner, a Fortune Crypto 40 company, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse. The company 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. Animoca Brands has a growing portfolio of over 450 Web3 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook.