Animoca Brands CEO Yat Siu said the company is working to establish a fund of up to $2 billion to invest in the metaverse business. Nikkei Asia.
The fund, called Animoca Capital, has yet to raise capital, but is aiming to raise between $1 billion and $2 billion, Siu said.
Animoca Capital’s primary interest is to invest strategically to develop the Web3 ecosystem and create a vibrant marketplace, rather than pursuing economic gains. Siu said the fund would be a good entry point for all his Web3 companies. he said:
“For many traditional investors, investing in growth [stage] Later is safer. It’s very different from investing in seed startups, which are much more risky. ”
Upstart Web3 companies are looking for “exposure to mid- to late-stage companies,” Siu added, saying the fund’s role is to provide this potential.
Having said that, Siu also said there is a need for another fund that can be used as an investment vehicle to pursue financial returns.
Regarding the nature of the project, the Fund prioritizes “all things digital property rights” and does not seek geographic restrictions for its investment decisions.
Animoca investment so far
Animoca’s Siu has previously made public comments showing his confidence in Web3. Therefore, the company also invests in the crypto space. The company is also known for supporting the Sandbox Virtual His reality game.
Earlier this year, Animoca raised $358 million to grow the open metaverse and support product development and licensing.
Animoca also supports Web3 games. In December 2021, the company launched his $200 million program to support GameFi projects, working with his Binance smart chain. In April 2022, Animoca acquired French video game studio Eden Games and introduced a series of blockchain-based games.