Animoca Brands Raises $20 Million for Mocaverse Metaverse Project

ChainPlay

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one year ago

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Animoca Brands, a prominent venture capital firm in the metaverse and gaming space, has recently disclosed exciting news about its latest funding round. The firm is issuing Simple Agreements for Future Equity (SAFEs) to a range of sophisticated investors, successfully securing $20 million in funding for its new metaverse venture, Mocaverse.

The injection of capital is poised to accelerate the development of Mocaverse, a project with ambitious goals. This funding will be instrumental in driving product development, promoting Web3 adoption, and establishing crucial partnerships. It also contributes to the ever-expanding gaming, culture, and entertainment ecosystem within Animoca Brands' extensive portfolio, which already encompasses nearly 450 investments in Web3 companies and projects.

A Promising Investment

On September 11, 2023, Animoca Brands officially announced the success of its funding endeavor, emphasizing the significance of Mocaverse in its portfolio. The firm disclosed that it raised $20 million by issuing new ordinary shares at a price per share of $4.50, with an alternative option at $2.90 as part of the fundraising. Additionally, the investors in this round were granted a free-attaching utility token warrant on a 1:1 dollar basis.

Notably, the funding round was spearheaded by CMCC Global, an Asia-based venture capital firm exclusively dedicated to blockchain and Web3 investments. Joining CMCC Global were other noteworthy investors, including Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors from Koda Capital, and more.

Mocaverse's Vision and Use of Funds

The newly acquired capital will play a crucial role in advancing Mocaverse's core infrastructure, particularly its digital identity system and loyalty program. It will also facilitate the acquisition of strategic partners and the expansion of the project's overall reach.

Mocaverse sets out to be a decentralized metaverse, empowering users to craft their digital identities, amass reputation, and earn/spend loyalty points. Furthermore, it serves as a gateway for users to access a diverse range of blockchain-powered games, applications, and services.

Mocaverse is gearing up to launch Moca ID, a non-transferrable NFT collection that will enable users to establish their on-chain identities. Holders of Moca ID are anticipated to enjoy exclusive access to specific metaverse features and the opportunity to accumulate loyalty points through active engagement.

Official Statements from Key Figures

Yat Siu, expressing his gratitude for investor support, stated, "We are profoundly honored by the backing of investors in Animoca Brands and their alignment with our vision of decentralization. The ongoing transformation of the Internet involves a shift from traditional hierarchical power structures to autonomous, community-driven models. Mocaverse's DAO-based approach ensures that its community will play a pivotal role in propelling innovation and collaboration throughout the expansive Animoca Brands ecosystem."

Siu took to his X (Twitter) account, “The next layer of web3 is evolving and we have, as we hoped for, come into a multichain future. The social applications including gaming  will bring culture, identity, and entertainment to the masses and onboard the next billion on-chain.”

Martin Baumann, co-founder of CMCC Global, expressed his enthusiasm, stating, “Yat Siu has proved time and again his ability to lead Web3 in creative new directions and we are excited to be supporting him and the Animoca Brands team once again as they venture into the Mocaverse.”

Final Thought

With this substantial funding injection and the support of prominent investors, Mocaverse appears poised to make a significant impact in the evolving metaverse landscape.