Animoca plans acquisitions after $110 million funding round

Animoca has announced that it has closed a $110 million financing led by Temasek. According to the update, the company notes that it will be putting the funds raised into a new acquisition. The announcement stated that the financing was completed after the issuance of convertible bonds to a closed list of investors.

Animoca plans acquisitions after $110 million funding round

In the company statement, the conversion price is set at $4.50. With this new amount, the value of the company is in the same range as the previous financing.

Temasek leads funding round
Some of the companies participating in the round were Boyu Capital, GGV Capital and Temasek. The statement stated that these investors have made a good list of new investors who will be strategic in the company’s growth. In addition, they advise the company to improve its organizational structure.

The announcement also states that the three companies will provide information that will help Animoca in terms of profit and business aspects of the company. Apart from these three, two other companies took part in the round.

Animoca wants to forge a strategic partnership
The statement also stated that Animoca plans to use the funds for strategic acquisitions and investments. The company also intends to develop new products for its users and to license new features.

The platform is also considering further advances in the Metaverse market, carefully examining the best ways to promote digital products to users in space. The brand’s co-founder mentioned in the event overview that the round was necessary for the company.

He mentioned that they are trying to form a strategic partnership with the company to expand its core services in the Web3 market. An earlier report in August said Temasek would lead the company’s financing.

Temasek has been actively seeking funding for crypto companies for years, with the previous closing for heavyweight Binance. A company CEO clarified that they are not actively involved in crypto as they are only involved in companies that provide related services.

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