The Hong Kong-based blockchain-gaming operator Animoca Brands raised $20 million for the metaverse Mocaverse through a secondary issuance of ordinary shares.
Mocaverse has raised $20M via our mothership, @animocabrands ???#MocaFam, we’re about to level up from all fronts:
?️ Product development
? Web2 and Web3 adoption
? Redefining web3 culture and entertainment ecosystemFull press release: https://t.co/lybQtUH5iY
— Mocaverse?? (@MocaverseNFT) September 10, 2023
The funding round was led by CMCC Global. Participants included Kingsway Capital, Liberty City Ventures, GameFi Ventures and a number of private individuals, including Yat Siu, the executive chairman and co-founder of Animoca Brands.
As part of the funding, the company signed Simple Agreements for Future Equity with the investors, providing corresponding warrants in the form of utility tokens.
The funds will be used by Animoca Brands to advance the project, including product development, fostering the adoption of Web3, and partnership programs to broaden the gaming, cultural and entertainment ecosystem.
According to the statement, Mocaverse is developing Web3 tools that enable users to create digital identities, accumulate reputation, earn and spend loyalty points. Users will gain access to a virtual world that unites 450 portfolio projects of Animoca Brands with more than 700 million registered participants.
The first product will be a non-transferable NFT collection called Moca ID. The tokens will allow holders to create digital personas for interacting with the Mocaverse metaverse.
“In addition to giving users the ability to participate in an active community that expands economic opportunities, Mocaverse will also serve as a system of digital identity, reputation and loyalty for other decentralised organisations,” said Yat Siu.
Earlier in November 2022, he announced the creation by the company of a fund of up to $2 billion to invest in metaverse companies. In 2023, Animoca Brands reduced the target amount for the structure to $800 million.
As of 30 April, the operator’s consolidated assets stood at $3.4 billion.