Animoca Brands Announces $110 Million Funding Deal With Temasek

Animoca Brands, a provider of game software and venture capital, announced on Thursday that it had secured a $110 million fundraising round from Temasek, Boyu Capital, and GGV Capital. The capital raise takes the form of a convertible note issuance that cannot be converted into stock. When a business cannot raise equity financing or does not want to dilute its shares, it may adopt this fundraising strategy. As Animoca pointed out, the notes are due for maturation three years from the date of issuance, and the holder of the notes may elect to convert them at any time before that maturity date at their discretion. Yat Siu, co-founder and executive chairman of Animoca, stated, “Animoca Brands has grown significantly as a company in the last year, and our new investors will contribute strategic advice and perspective as we build the world’s leading company furthering digital property rights in the web3 industry.” Animoca To Secure Licenses In addition to funding strategic acquisitions, investments, and product development, Animoca plans to secure licenses for popular intellectual properties, promote digital property rights for online users, and advance the “open metaverse.” The Hong Kong-based game software company had revealed that it had raised $359 million in an earlier round of funding in January. It added to that with a $75 million fundraising effort in July, increasing its valuation to almost $6 billion. Liberty City Venture...