Web3 Giant Animoca Brands Expands Beyond Gaming, Dominates October Investments

Hong Kong-based Web3 giant Animoca Brands led the corporate landscape in October, indicating broader ambitions across sectors.

Messari reported that Animoca made nine investments, beating other active entities such as CMS Holdings, which made seven, and Hack VC with six.

Animoca Brands pushes the limits of companies in October

Traditionally known for its focus on games and digital collectibles, Animoca expanded its reach this month. According to Messari data, the company has dipped its toes into sectors such as decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), artificial intelligence (AI) and others.

Following Animoca are Celestia’s Ekram Ahmed and Helius Labs’ Mert Mumtaz, both of whom made notable contributions with five investments each. Next up was Andreessen Horowitz’s Crypto Startup Accelerator (CSX) program and Anagram Crypto recorded five investments each in October.

In addition, Robot Ventures, Hashkey Capital and UTXO each participated with five investments, underscoring a collective trend among firms to diversify their portfolios across multiple sectors.

Animoca’s growth so far

Animoca Brands has positioned itself as a leading investor in the Web3 space. The company is preparing for a possible public offering, although the exact timing remains uncertain. The decision will largely depend on “the state of the market,” among other factors, according to chairman Yat Siu.

Although Animoca’s intention to go public was revealed earlier this year, Siu stressed that this ambition has been long-held. A report in June suggested that the listing could take place in Hong Kong or the Middle East, with Siu indicating that Hong Kong is a “strong contender” because the company’s headquarters are located there.

Despite what looks to be a productive 2024, Animoca faced a challenging year in 2023, like the broader crypto industry. The Web3 giant struggled with layoffs and scaled back its metaverse ambitions by lowering its metaverse fund goal from $2 billion to $800 million.

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