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Akira Ming
Akira Ming
Mar 26, 2023
News

Animoca Brands Denies Reports of $200 Million Cut to its Metaverse Fund

According to the firm, while the recent market crash had an impact on funding, the total amount raised has yet to be finalized.
Animoca Brands Denies Reports of $200 Million Cut to its Metaverse Fund

The funding amount is yet to be confirmed, says Animoca

Animoca Brands, a prominent Web3 investor and blockchain game developer, recently denied reports that it is scaling back its metaverse fund target by $200 million due to crypto market volatility and banking sector instability. The company also refuted claims that its valuation has dropped from $6 billion as of July 2022 to about $2 billion in March 2023.

The latest rumors came to light after Reuters reported that the Hong Kong gaming firm had reduced its fund target from $2 billion to $1 billion before trimming that target by another 20% to $800 million. Per the report, this is confirmed by "two people familiar with the matter."

To be clear, the fund in question was announced in November 2022. At the time, Animoca co-founder and executive chairman Yat Siu announced that the fund target was between $1 billion and $2 billion, which would depend on the final amount of capital raised. 

In a public statement, Animoca stated that "the claim that the Animoca Capital fund target was 'cut' from $2 billion to $1 billion is not correct, because $1 billion has always been within the range declared."

Although the firm acknowledged that the banking failures in the United States had an impact on funding, the total amount raised has yet to be finalized. 

"There's no doubt that the FTX and banking crises have had a serious impact on available venture capital, but fundraising for the Animoca Capital fund is in progress. When the raise is concluded, we will inform the market with the appropriate details, including the final size of this fund," wrote Animoca. 

Regarding its valuation, Animoca argued that the figures reported by Reuters and "two other" unnamed sources were inaccurate. This is because the numbers were calculated using data from unlisted stock-focused exchanges such as the Sydney-based PrimaryMarkets. 

"The claim [...] that Animoca Brands 'now trades its shares on PrimaryMarkets' is not technically correct. We terminated our arrangement with PrimaryMarkets in the second half of 2020, but PrimaryMarkets chose to continue to trade Animoca Brands shares on its platform," said Animoca, adding that the thin trading volume on PrimaryMarkets does not fairly reflect its valuation. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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