Animoca Brands Denies Reports Of $200M Metaverse Fund Cut, Valuation Unaffected
Key Points:
- Animoca Brands refutes claims about scaling back Metaverse fund target and plummeting valuation.
- The Metaverse fund target has always been between $1 billion to $2 billion, depending on how much capital was raised.
- Animoca acknowledges the impact of banking collapses but fundraising for the Animoca Capital fund is in progress.
- Anonymous sources make it difficult to ascertain the sources and agenda, according to Animoca co-founder and chairman Yat Siu.
Animoca Brands, the venture capital firm and Web3 game developer, has recently refuted claims made by anonymous sources that it scaled back its Metaverse fund target by $200 million, or 20% to $800 million, due to volatility in the crypto market and instability in the banking sector.
Animoca also downplayed suggestions that its valuation has plummeted from $6 billion as of July 2022 to roughly $2 billion in March 2023.
The Metaverse fund was announced in November 2022, with the goal of allocating capital to mid to late-stage startups with a Metaverse focus. At the time, Animoca co-founder and chairman Yat Siu outlined that the fund target was between $1 billion to $2 billion, depending on how much capital was raised.Animoca Brands has stated that “the claim that the Animoca Capital fund target was ‘cut’ from $2 billion to $1 billion is not correct, because $1 billion has always been within the range declared.”
However, Animoca Brands acknowledged that the banking collapses in the U.S. have had an impact, but stressed that the final amount raised for the fund has yet to be determined. The firm stated that “There’s no doubt that the FTX and banking crises have had a serious impact on available venture capital, but fundraising for the Animoca Capital fund is in progress. When the raise is concluded we will inform the market with the appropriate details, including the final size of this fund.”
Regarding the leaked information, Siu told that given the information came from unnamed sources, it “makes it difficult to ascertain exactly who or what the sources and agenda are, which is unfortunate.” Animoca Brands also asserted that the figures reported by Reuters and the “two other” unnamed people cited were inaccurate concerning the company’s valuation.
Animoca’s shares (AB1) were initially listed on the Australian Stock Exchange (ASX) in the firm’s early days. However, AB1 was delisted back in March 2020 due to the ASX’s assertions that Animoca had breached its listing rules by being involved in crypto-related activities, among other things. Since then, its shares have traded on unlisted stock-focused exchanges such as the Sydney-based PrimaryMarkets.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
Metaverse News
Animoca Brands Denies Reports Of $200M Metaverse Fund Cut, Valuation Unaffected
Key Points:
- Animoca Brands refutes claims about scaling back Metaverse fund target and plummeting valuation.
- The Metaverse fund target has always been between $1 billion to $2 billion, depending on how much capital was raised.
- Animoca acknowledges the impact of banking collapses but fundraising for the Animoca Capital fund is in progress.
- Anonymous sources make it difficult to ascertain the sources and agenda, according to Animoca co-founder and chairman Yat Siu.
Animoca Brands, the venture capital firm and Web3 game developer, has recently refuted claims made by anonymous sources that it scaled back its Metaverse fund target by $200 million, or 20% to $800 million, due to volatility in the crypto market and instability in the banking sector.
Animoca also downplayed suggestions that its valuation has plummeted from $6 billion as of July 2022 to roughly $2 billion in March 2023.
The Metaverse fund was announced in November 2022, with the goal of allocating capital to mid to late-stage startups with a Metaverse focus. At the time, Animoca co-founder and chairman Yat Siu outlined that the fund target was between $1 billion to $2 billion, depending on how much capital was raised.Animoca Brands has stated that “the claim that the Animoca Capital fund target was ‘cut’ from $2 billion to $1 billion is not correct, because $1 billion has always been within the range declared.”
However, Animoca Brands acknowledged that the banking collapses in the U.S. have had an impact, but stressed that the final amount raised for the fund has yet to be determined. The firm stated that “There’s no doubt that the FTX and banking crises have had a serious impact on available venture capital, but fundraising for the Animoca Capital fund is in progress. When the raise is concluded we will inform the market with the appropriate details, including the final size of this fund.”
Regarding the leaked information, Siu told that given the information came from unnamed sources, it “makes it difficult to ascertain exactly who or what the sources and agenda are, which is unfortunate.” Animoca Brands also asserted that the figures reported by Reuters and the “two other” unnamed people cited were inaccurate concerning the company’s valuation.
Animoca’s shares (AB1) were initially listed on the Australian Stock Exchange (ASX) in the firm’s early days. However, AB1 was delisted back in March 2020 due to the ASX’s assertions that Animoca had breached its listing rules by being involved in crypto-related activities, among other things. Since then, its shares have traded on unlisted stock-focused exchanges such as the Sydney-based PrimaryMarkets.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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