In January 2022, Hong Kong based Animoca Brands closed a funding round that drew attention for its deliberately stylized amount: $358,888,888. The raise gave the business a pre-money valuation above $5 billion, as stated by the firm. Liberty City Ventures led the round, joined by 10T Holdings, Gemini Frontier Fund, ParaFi Capital, Provident, and Sequoia China. The capital was earmarked for strategic acquisitions, investments, and product development. The round closed, yet by September 2022 Animoca Brands raised a follow-on $110 million on different terms, and its valuation in secondary markets contracted sharply during the crypto winter that ensued.
Animoca Brands began as a mobile game developer listed on the Australian Securities Exchange. The exchange delisted it in March 2020 for non-compliance with listing rules tied to its on-chain activities. Freed from the public market, the firm pivoted deep into non-fungible tokens and on-chain gaming, becoming a dominant operator in the Web3 arena. By early 2022 it ranked among the largest investors across the NFT landscape.
At the time of the raise, the portfolio included significant stakes in the marketplace OpenSea, the studio Dapper Labs, and Sky Mavis, the developer behind Axie Infinity. Its principal product was The Sandbox, a virtual-world platform. The $358.8 million round cemented Animoca Brands as a central piece of Web3 infrastructure, though the ensuing market downturn would test that role.
The Investors and the Structure of the Round
The round was led by Liberty City Ventures, a venture firm that concentrates on on-chain and digital-asset deals. Other participants included 10T Holdings, backer of digital-asset and distributed-ledger startups; Gemini Frontier Fund, the venture arm of the Gemini cryptocurrency exchange; ParaFi Capital, a decentralized-finance fund; Provident, a private investment house; and Sequoia China, the Chinese arm of the Sequoia franchise. The lineup of crypto-native funds alongside an established venture institution showed how broadly institutional interest in Web3 gaming reached in early 2022.
The firm did not disclose the precise split between equity and other instruments. The pre-money valuation above $5 billion, as represented by Animoca Brands, placed it among the highest-valued private entities in the distributed-ledger sector. The round closed as announced, equipping the business with a sizeable war chest for the expansion it planned.
How Animoca Brands Spent the Capital
Building the Web3 gaming stack
The firm deployed the proceeds for aggressive expansion throughout 2022. It executed a string of acquisitions and investments that thickened an already dense portfolio. It backed other Web3 gaming studios, NFT marketplaces, and virtual-world infrastructure projects. The strategy was to own components across the entire Web3 gaming stack: game development studios, trading venues, and underlying distributed-ledger protocols. That reach turned Animoca Brands into a central hub of the NFT and on-chain gaming ecosystem.
The Sandbox and brand partnerships
The Sandbox, its signature virtual-world platform, continued to sell virtual land and recruit brand partnerships. Large consumer names set up outposts inside the platform, validating Animoca Brands' bet that digital property inside a metaverse would attract real commercial demand.
Portfolio breadth and public disclosures
According to public disclosures, by mid-2022 the business had invested in more than 120 NFT and on-chain gaming-related projects. The figure was a talking point during the fundraise window, though precise counts varied as the portfolio turned over.
The Pivot from Mobile Gaming to Blockchain
Delisting and a forced reset
Animoca Brands originally developed mobile titles for iOS and Android. The Australian Securities Exchange delisted it in March 2020 for rule breaches connected to its on-chain pursuits. Co-founder Yat Siu used the forced restructuring to redirect the group into blockchain-based gaming and NFTs, a sector that was still formative. The new thesis centered on digital ownership and play-to-earn models.
Timing the NFT surge
The pivot proved well-timed. By early 2021 the NFT market was booming, and Animoca Brands had already established itself as a significant investor. Its holdings in the leading NFT marketplace and in Axie Infinity's developer, Sky Mavis, gave it exposure to the market's strongest growth segments.
Early stakes that paid out
The firm also cultivated its own virtual-world platform, The Sandbox, which sold digital land parcels for millions of dollars. Those sales fueled both revenue and a narrative that virtual real estate would become a major asset class.
The Broader Market Context and What Happened Next
The peak of Web3 funding
The first quarter of 2022 marked the apex of Web3 and on-chain gaming valuations. Venture money surged into the sector, and firms like Animoca Brands raised large rounds at elevated valuations. At the time, the $358.8 million close was among the largest in the space.
The crash that reset valuations
The market turned later that year. The collapse of Terra Luna and the bankruptcy of FTX triggered a crypto winter that cut valuations across the board. Animoca Brands was not insulated from the chill.
A follow-on round and secondary pricing
In September 2022 the business raised a $110 million round on different terms, and its secondary-market valuation fell considerably. The earlier $358.8 million round remained closed, but its market position had shifted. As of April 2025, the group continues to operate, though the funding climate for Web3 gaming is less favorable than it was at the start of 2022.
Key Facts
- Amount Raised: $358,888,888
- Pre-money Valuation: Over $5 billion
- Announcement Date: January 2022
- Lead Investor: Liberty City Ventures
- Other Investors: 10T Holdings, Gemini Frontier Fund, ParaFi Capital, Provident, Sequoia China
- Headquarters: Hong Kong
- Subsequent Round: $110 million in September 2022
- Flagship Product: The Sandbox metaverse platform
- Key Investments: OpenSea, Dapper Labs, Sky Mavis (Axie Infinity)
Key Investors in the January 2022 Round
| Investor | Type | Notable for |
|---|---|---|
| Liberty City Ventures | Venture capital | Blockchain and digital assets focus |
| 10T Holdings | Venture capital | Digital assets and blockchain companies |
| Gemini Frontier Fund | Venture arm | Gemini cryptocurrency exchange |
| ParaFi Capital | DeFi focused fund | Decentralized finance investments |
| Provident | Private investment firm | Broad technology investments |
| Sequoia China | Venture capital | Chinese arm of Sequoia Capital |
Frequently Asked Questions
What was the exact amount raised by Animoca Brands in January 2022?
The company raised $358,888,888.
Who led the funding round?
Liberty City Ventures led the round.
What was Animoca Brands valued at after this round?
The pre-money valuation was over $5 billion. The exact post-money valuation was not disclosed.
Why was Animoca Brands delisted from the Australian Securities Exchange?
It was delisted in March 2020 for non-compliance with listing rules related to its blockchain activities.
What happened to Animoca Brands' valuation after the crypto winter?
Its valuation fell significantly in secondary markets, and the company raised a subsequent $110 million round in September 2022 on different terms.
