Animoca Brands Corporation Ltd has received binding commitments for US$20 million (approximately A$31.3 million) in a funding round to accelerate Mocaverse, one of the company’s marquee projects in the Web3 gaming space.
Funds will be raised via the issue of new ordinary shares at a rate of A$4.50 per share, along with utility token warrants on a one-to-one dollar basis to investors.
The new capital will be used to advance the Mocaverse project, including product development, facilitating Web3 adoption and securing partnerships to expand the gaming, culture and entertainment ecosystem of Animoca Brands’ portfolio of approximately 450 investments in Web3 companies and projects.
Mocaverse is building Web3-native tooling to empower products in gaming, culture and entertainment verticals.
Driving innovation and collaboration
Animoca co-founder and executive chairman Yat Siu said: “We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralisation.
“The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem.
“In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation and loyalty system for other decentralised organisations.”
Fundraising summary
Animoca is issuing Simple Agreements for Future Equity (SAFEs), which will be automatically converted to ordinary shares after six months.
The funding round was led by CMCC Global with other investors including Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors of Koda Capital and others.
Yat Siu, the executive chairman and co-founder of Animoca Brands, is also participating in the round
Forward plan
Mocaverse will soon launch Moca ID, a non-transferrable NFT collection designed to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem.
Moca ID holders will gain exclusive access to Mocaverse ecosystem experiences and will have the unique opportunity to earn loyalty points through active engagement.
These loyalty points will power a permissionless and interoperable loyalty system that will be progressively decentralised to enable third-party adoption and integration of Moca ID, to advance the accessibility and growth of Web3.