Animoca Brands, a metaverse and gaming venture capital firm, has raised $20 million to advance its Mocaverse project from a group of other prominent Web3 investors.
The investment was led by CMCC Global and included contributions from Kingsway Capital, Liberty City Ventures and GameFi Ventures, the Hong Kong-based company said Monday. Animoca co-founder Yat Siu also participated in a personal capacity.
Animoca Brands has been one of the leading investors in NFTs, blockchain gaming and metaverse-related companies in recent years, with backing from the likes of Singapore's state investment fund, Temasek. Animoca's aim is for Mocaverse to provide Web3-native tools for users to build gaming and other entertainment products. One such product under development is Moca ID, a non-fungible token (NFT) collection designed to allow users to craft on-chain identities in order to participate in the Mocaverse ecosystem.
The capital was raised through the sale of Simple Agreements for Future Equity (SAFEs) for about A$4.50 ($2.90) each, which will be automatically converted into ordinary shares after six months.
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