China-based blockchain videogame developer Animoca Brands has raised $88.9m in a funding round backed by cryptocurrency trading platform developer Huobi.
The round which valued Animoca at $1bn, also featured family office Octava, Kingsway Capital, RIT Capital Partners, HashKey’s Fintech Investment Fund, AppWorks Fund, LCV Fund, Ellerston Capital, Perennial Value Management and Axia Infinity Ventures.
SNZ Holding, Liberty City Ventures, Metapurse and unnamed additional backers filled out the round.
Founded in 2014, Animoca Brands develops mobile games based on non-fungible tokens that utilise intellectual property from entertainment and sports brands such as Formula 1, Marvel and WWE.
Animoca Brands will use the funding to obtain additional licences, as well as develop new products, finance acquisitions and make strategic investments.
The company had floated its shares on the Australian Securities Exchange in 2015, before it was later delisted in March 2020 due to a number of issues including “certain governance items” and its involvement in “cryptocurrency-related activities.”
Animoca Brands raised $4.1m of funding from M7 Alternative Investment Strategies Asia, Mind Fund and undisclosed investors in July 2020.