Hong Kong-based web3 company Animoca Brands has secured an additional $10 million to further develop Mocaverse, a collection of 8,888 unique membership NFTs.
This funding forms part of a broader $41.8 million capital raise and includes support from prominent investors such as OKX Ventures, CMCC Global, HongShan, Republic Crypto, and Kingsway Capital, as detailed in a November 12 press release.
The latest round also includes a free-attaching warrant for the MOCA Coin utility token, with a fully diluted implied value of $1 billion, following the structure of prior funding rounds.
According to Animoca Brands, the funds will be directed toward advancing web3 adoption and interoperability, with a particular focus on scaling and developing Mocaverse.
Co-founder Yat Siu praised the project’s progress, emphasizing its mission to embody the web3 ethos of interoperability, decentralization, and collective network effects across the web3 ecosystem.
“We are honored by the support from esteemed and strategically significant investors as we work toward advancing digital property rights, interoperability, and the evolution of the Internet into more equitable decentralized systems,” Siu stated.
Kenneth Shek, project lead for Mocaverse, shared that the funding will help further the goal of onboarding millions to crypto by connecting deeply with fan bases on a personal level.
The funding round was structured through Simple Agreements for Future Equity (SAFEs) priced at A$4.50 per share, with shares converting in six months based on prevailing exchange rates. Investors were also issued a warrant to acquire MOCA tokens at $0.113 each, with a 30-month vesting period.
This latest investment follows a September 2023 funding round in which Animoca Brands raised $20 million for Mocaverse development. That round was led by CMCC Global and attracted investors, including Kingsway Capital, Liberty City Ventures, and GameFi Ventures, as well as industry leaders like Sky Mavis founder Aleksander Larsen and Yield Guild Games founder Gabby Dizon.
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