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Tech – NewsAnimoca Brands, a Web3 company, has reduced its fundraising target to $1...

Animoca Brands, a Web3 company, has reduced its fundraising target to $1 billion in the first quarter of 2023

Animoca Brands, a Web3 game firm, has revealed that it is now aiming to raise $1 billion for a fund that would aid previously existing blockchain companies. The figure is much lower than the $2 billion disclosed by the business in November as the highest ceiling for this same fund.

Animoca Brands Announces Lower Numbers for Web3 and Metaverse Fund

Animoca Brands, one of the most well-known Web3 gaming and blockchain firms, has made a fresh announcement on its fundraising targets for the first quarter of 2023. Yat Siu, the business’s co-founder, recently indicated in a Twitter Spaces discussion that the company was trying to collect $1 billion from multiple partners for a fund tentatively named Animoca Capital, which would focus its activity on supporting previously existing Web3 initiatives.

This figure is much lower than the target Siu set back in November when he originally announced plans to form this fund, stating that Animoca Brands intended to raise up to $2 billion. Siu recognized the difficulty of raising that level of money at the time, with the implosion of FTX having recently shocked the cryptocurrency market.

Siu stated that this occurrence had an impact on a dozen projects in Animoca Brands’ portfolio, as well as the larger cryptocurrency industry.

However, even with these events hampering the state of the crypto and Web3 market, Animoca Brands is optimistic about the outcome of this endeavor. On the subject of reaching the newly announced goal, Siu explained:

Q1 is the goal and then let’s see what happens. It is fair to say it’s a challenging market. But we have quite a bit of interest.

However, Siu did not identify any investors interested in sponsoring this fund, as he did in November.

Animoca Brands has no intentions to raise funds for itself this year. According to data from corporate announcements, it had more than $200 million in cash and about $940 million in liquid cryptocurrencies as part of its reserves by November. The business raised $75 million in July, achieving a worth of $5.9 billion.

In September, Animoca raised $110 million in a round-headed by Temasek, a Singapore-based venture capital firm, Boyu Capital, and GGV Capital.

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