Animoca Brands Valuation More Than Doubles to $5.5B in Three Months

Animoca Brands, an investor in non-fungible token (NFT) and metaverse projects, raised almost $360 million at a valuation of $5.5 billion.

The funding round represents a doubling in Animoca’s value in less than three months. The venture capital firm raised $65 million at a $2.2 billion valuation in October last year.
Liberty City Ventures led the round, which included contributions from Winklevoss Capital, Soros Fund Management and 10T Holdings.
Animoca plans to use the funds to fuel acquisitions and investments, product development and licenses for popular intellectual properties, according to an announcement Tuesday.
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. It also has a majority stake in metaverse game The Sandbox.
Most recently, Animoca led an $8 million funding round into Burnt Finance, an NFT platform built on Solana.