Animoca Brands aims to raise 1 billion USD for Web 3 fund
Animoca Brands is in the process of raising $1 billion in the first quarter of 2023 for a new Web 3 and Metaverse investment fund. In November, Co-Founder of Animoca said he wanted to raise $2 billion.
Animoca Brands aims to raise 1 billion USD
Animoca has cut in half the amount it expects to raise for a Web 3 and Metaverse investment fund. According to information from Bloomberg, the president of Animoca Brands has said in an interview on Twitter that they are looking to raise $ 1 billion. Meanwhile, in recent November, the number was $ 2 billion.
The news comes as the crypto market is entering an ever more difficult period following the collapse of the FTX exchange. About 10 companies in the fund's portfolio have been severely affected.
The crypto market was almost paralyzed in 2022, the collapse of the Terra, FTX and Alameda Research ecosystems, leading to a tightening of global liquidity. The market turmoil affected Animoca's revenue due to the drop in prices of digital assets. Siu thinks market conditions could cause Animoca Capital to raise less than its target.
Animoca Brands' Financial Situation
The impact of the collapse of FTX and the global economy has caused a lot of difficulties for the investment fund, but Siu still believes that the capital and users' interest in the crypto market remains.
Animoca Brands is one of the largest venture capitalists in Web3 projects. As of June-December, the fund has made more than 380 investments. The company has this time extended to submit its audited financial statements for 2020, which were originally due to Australian regulators late last year.
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