Animoca Brands secures additional $10m for web3 platform Mocaverse

Hong Kong-based Animoca Brands has raised another $10 million to accelerate development of its web3 platform Mocaverse.

Animoca Brands, a Hong Kong-based firm known for investing in non-fungible tokens and web3 games, has raised an additional $10 million for Mocaverse, a collection of non-fungible tokens consisting of 8,888 unique assets.

The latest tranche of financing, which is part of a broader $41.8 million capital raise, was backed by leading investors including OKX Ventures, CMCC Global, HongShan, Republic Crypto and Kingsway Capital, according to a Nov. 12 press release. The press release notes that the round also offers a free insertion warrant for the MOCA Coin utility token at an implied value of $1 billion, fully diluted, following a structure used in previous funding rounds.

Animoca Brands aims to bring crypto to millions

Animoca Brands says the transactions will help advance the firm’s goal of “accelerating the mass adoption and interoperability of web3, particularly by continuing to scale and build the Mocaverse.” Yat Siu, co-founder of Animoca Brands, expressed excitement about the project’s progress, stating that the platform is positioned to “bring to life the web3 ethos of interoperability, decentralized management and shared network effects within the broader web3 ecosystem.”

“The raise announced today includes participation from reputable and strategically important investors, and we are honored by this level of support as we work to advance digital property rights, interoperability, and the evolution of the Internet toward more equitable decentralized systems.”

Yacht Siu

Commenting on the latest funding round, Mocaverse project lead Kenneth Shek said its mission is to “get crypto into the hands of hundreds of millions of users, which requires the engagement of fan bases that appeal to individuals on a deeply personal level.” ”

For the financing, Animoca Brands issued Simple Agreements for forward Shares at a price of A$4.50 per share, with the shares converted over six months based on exchange rates. Investors also received orders to purchase MOCA tokens at a price of $0.113 each and a 30-month vesting period, the press release said.