Animoca Brands, a Hong Kong-based game software developer and venture capital firm, has announced its plans to create a $1 billion metaverse fund to support growing companies and startups in the Web3 industry.
The venture capital arm of Animoca will begin investing in 2023, with a focus on providing financial support for firms in the metaverse and NFT sectors that are in the early stages of growth or nearing public launch.
The funds will primarily be used to accelerate the expansion and development of the Web3 ecosystem while also creating a vibrant market that prioritizes more than just profit maximization.
During a Twitter Spaces chat with Bloomberg in Hong Kong on Thursday, Animoca Brands co-founder and chairman Yat Siu stated that Animoca Capital is in talks with potential investors and plans to use the funds to support blockchain and metaverse companies.
He also stated that the business would give $2 billion in capital to mid to advanced-stage startups that are primarily concerned with the metaverse industry.
Siu clarified that, while the investment is still in the works, it will definitely be used to provide financial support for Metaverse creators. The CEO stated that the exact size of the fund and the amount that would be made available to developers have yet to be decided.
Yat Siu, the company’s co-founder, sees significant potential for fresh innovation and development in the metaverse; which is why he launched the initiative to further develop and scale the ecosystem.
With more than 380 investments made within the Web3 ecosystem, Animoca Brands has established a solid reputation for supporting some of the most promising blockchain firms, including well-known NFT markets like OpenSea and Dapper Labs.
The goal of the fund is to provide investors with more opportunities to connect with Web3 businesses and access a diverse portfolio of enterprises.
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