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Non-fungible token (NFT) and metaverse investor Animoca Brands has raised a further $75 million at a valuation of $5.9 billion.
- Existing investors Liberty City Ventures, 10T and Kingsway were among those participating.
- The fundraise is the second tranche of the previous funding round in January, which brought almost $360 million and valued the company at $5.5 billion, doubling Animoca's value in less than three months. The firm raised $65 million at a $2.2 billion valuation in October.
- January's raise was extended to accommodate due diligence processes, Animoca announced Tuesday.
- Animoca Brands said it will use the capital to fund acquisitions, investments and product development as well as secure licenses for popular intellectual properties and advance the open metaverse.
- The company's portfolio contains more than 150 NFT-related projects, including play-to-earn game Axie Infinity, Dapper Labs (the company behind NBA Top Shot) and OpenSea, the largest NFT trading platform. Animoca also has a majority stake in metaverse game The Sandbox.
- The fundraise shows that despite the bearishness in the digital asset market, capital is still finding its way to well-established firms in the industry.