A metaverse and gaming venture capital firm, Animoca Brands, recently secured $20 million in funding for its Mocaverse project. This financial round was led by a group of notable Web3 investors, CMCC Global.
The investment was conducted by CMCC Global and involved contributions from Kingsway Capital, Liberty City Ventures, and GameFi Ventures. Animoca co-founder Yat Siu also personally participated in this funding round.
The fresh funds will be put to work in advancing the Mocaverse project. This includes tasks like developing new products, making it easier for people to embrace Web3 technology, and forming partnerships to grow the gaming, culture, and entertainment network.
Mocaverse is working on specialized tools for Web3, aimed at enhancing gaming, culture, and entertainment experiences. These tools will let users create their own online identity named Mocha ID (a non-transferrable NFT), build their reputation, earn and use loyalty points, and use this digital identity to access the Mocaverse ecosystem.
Animoca Brands has been a significant player in investing in NFTs, blockchain gaming, and metaverse-related businesses in recent times. It is offering Simple Agreements for Future Equity (SAFEs) to experienced and professional investors, aiming to raise a total of $20 million (around a $31.3 million). They are selling these SAFE agreements for A$4.50 per share.
After six months, the SAFEs will turn into regular shares without any manual action needed. The exact amount of new shares issued will depend on the exchange rate between AUD and USD at the time when this conversion takes place.
Also Read: Tiger Research Partners With Animoca Brands To Expand In South Korea
