Hong Kong blockchain gaming operator Animoca Brands raised $20 million for its Mocaverse metaverse project through an additional issue of common shares.
Mocaverse has raised $20M via our mothership, @animocabrands 👁👁👁#MocaFamwe’re about to level up from all fronts:
🛠️ Product development
🤝 Web2 and Web3 adoption
🎮 Redefining web3 culture and entertainment ecosystemFull press release: https://t.co/lybQtUH5iY
— Mocaverse💼🪐 (@MocaverseNFT) September 10, 2023
The funding round was led by CMCC Global. Participants include Kingsway Capital, Liberty City Ventures, GameFi Ventures and a number of individuals, including Animoca Brands executive chairman and co-founder Yat Siu.
As part of the fundraising, the company signed simple agreements with investors for future equity capital, providing corresponding warrants in the form of utility tokens.
Animoca Brands will use the funds to promote the project, including product development, promoting Web3 adoption and partnership programs to expand the gaming, cultural and entertainment ecosystem.
According to the statement, Mocaverse develops Web3 tools that provide the ability to create a digital identity, build reputation, and earn and spend loyalty points. Users will have access to a virtual world that brings together 450 Animoca Brands portfolio projects with more than 700 million registered members.
The first product will be a non-transferable Moca ID collection of NFTs. The tokens will allow owners to create digital identities to interact with the Mocaverse metaverse.
“In addition to enabling users to participate in a vibrant community that expands economic opportunity, Mocaverse will also serve as a digital identity, reputation and loyalty system for other decentralized organizations,” said Yat Siu.
Let us recall that in November 2022, he announced the creation by the company of a fund in the amount of up to $2 billion for investments in companies in the field of metaverses. In 2023, Animoca Brands reduced the target amount for the structure to $800 million.
As of April 30, the blockchain gaming operator’s consolidated assets totaled $3.4 billion.
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