Animoca’s Web3-education unit raises $8.5 million

TinyTap, the subsidiary of Animoca Brands, raised $8.5 million from Sequoia China and Polygon at a $100 million valuation. This was reported by The Block.

Other investors include Liberty City Ventures, Kingsway Capital and Shima Capital.

TinyTap’s chief executive Yogev Shelly said that the financing was carried out through SAFE and SAFT agreements.

The company was founded in 2012 in Israel. It offers a library of more than 250,000 educational games in 24 languages for children and teenagers.

Animoca acquired TinyTap in July 2022 for about $39 million, buying 84% of the company’s shares. According to Shelly, the company began fundraising in October and closed it in February.

The organization will channel the proceeds into expanding existing infrastructure and to grow in the Web3-sector.

“As a profitable Web 2.0 business, we need sufficient funding to continue growing. Now TinyTap will develop the Web3 side of the project,” said the founder in response to questions about the goals of the funding round.

TinyTap will offer students custodial wallets for storing tokens and credentials, as well as access to PublisherNFT — an educational program based on non-fungible tokens.

The company also has plans for decentralising the education system, to be announced later.

In February, New York University’s School of Professional Studies announced a Web3 course in partnership with the NEAR blockchain.