• Animoca Brands has lowered its fundraising target for a web3 investment fund to $1 billion in the first quarter of 2023, down from its original target of $2 billion.
• The fund, called Animoca Capital, will be co-managed by Morgan Stanley’s former executive, Homer Sun, and will be used to make strategic investments in developing the Web3 ecosystem.
• Animoca is in talks with potential investors to support Animoca Capital, and CEO Yat Siu says the company will focus its funding efforts on growing a Web3 ecosystem.
Animoca Brands, a global leader in digital entertainment, recently announced that it has reduced its fundraising target for a web3 investment fund to $1 billion in the first quarter of 2023. The company had initially planned to raise up to $2 billion during the same period, but readjusted the goal due to “challenging” market conditions.
The new fund, called Animoca Capital, will be co-managed by Morgan Stanley’s former executive, Homer Sun. It will be focused on making strategic investments to develop a Web3 ecosystem. Animoca is currently in talks with potential investors who may be interested in supporting Animoca Capital.
CEO Yat Siu spoke about the announcement, saying: “[The first quarter] is the goal and then let’s see what happens. It is fair to say it’s a challenging market. But we have quite a bit of interest.”
Animoca has around $98 million in its cash balance, $870 million worth of liquid crypto, and $4 billion in off-balance sheet coins. At the beginning of 2022, the company raised $358 million in funding as well and has stakes in over 380 companies. Temasek also invested a hefty sum in Animoca.
Siu mentioned that Animoca is not planning to raise funds for itself in the foreseeable future, but will instead focus its funding efforts on growing a Web3 ecosystem. This includes making investments in metaverse projects, which will be funded with the targeted $1 billion.
The Web3 ecosystem is made up of decentralized networks, protocols, and applications that are powered by blockchain technology. This new system is set to revolutionize the digital economy and create opportunities in areas such as finance, gaming, entertainment, and more. Animoca is committed to developing this ecosystem and creating a more secure and efficient digital economy.
Animoca’s readjustment of its fundraising target for the web3 investment fund is a testament to the company’s commitment to developing the Web3 ecosystem and creating a more secure and efficient digital economy. With its latest efforts, Animoca is set to make a lasting impact on the industry.