Animoca Brands Leads $130M Investment in Venture Accelerator Brinc for Web 3 Expansion

The funds will be used to lead Brinc’s expansion into DeFi and crypto gaming.

Dec 15, 2021 at 2:00 a.m. UTC
Updated Dec 15, 2021 at 3:26 p.m. UTC

Venture accelerator Brinc closed a $130 million funding round, led by NFT and metaverse investor Animoca Brands.

  • Brinc closed a $30 million Series B and a further $100 million for startup investments, the company said.
  • The funds will be used to aid Brinc’s expansion into new locations and Web 3, which includes blockchain-focused programs in decentralized finance (DeFi), gaming and more.
  • Metaverse refers to an immersive digital world created by the combination of virtual reality, augmented reality and the internet, while DeFi is a blanket term that refers to financial activities carried out on blockchain without traditional middlemen.
  • The investment from Animoca Brands continues the two firms’ ongoing partnership, following the joint development of an NFT launchpad.
  • Hong Kong-headquartered Brinc claims to have supported the growth of more than 200 startups since its launch in 2014.
  • The Brinc investment comes after Animoca and Binance Smart Chain started a $200 million program to invest in blockchain gaming projects.
  • Also based in Hong Kong, Animoca Brands is an investor in NFTs and metaverse projects and has a majority stake in metaverse game The Sandbox. The company received a valuation of $2.2 billion during a $65 million funding round in October.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley is a CoinDesk news reporter based in London.