Hong Kong-based Animoca Brands, a blockchain gaming platform, is seeking to raise around $1 billion in the first quarter of 2023 to invest in Web3 and Metaverse startups.
This comes despite the recent market decline and the crash of cryptocurrency exchange FTX, which had a negative impact on some of Animoca’s portfolio companies.
The company had previously announced plans to launch a $2 billion fund, called “Animoca Capital,” to invest in Metaverse businesses around the world in partnership with former Morgan Stanley executive Homer Sun by the end of 2022.
Animoca Brands has completed several funding rounds in the past year, including a $360 million round and a $75 million round.
Its Japanese subsidiary, Animoca Brands KK, also raised $45 million in August. The company plans to use the capital to hire more staff, acquire licenses for intellectual properties, and improve its products.