Animoca Brands Raises $10 Million to Boost Mocaverse Web3 Platform Development

Hong Kong-based Animoca Brands has secured an additional $10 million in funding to accelerate the development of its Mocaverse platform, a web3 project centered around a unique collection of 8,888 membership-based NFTs. This latest funding is part of a larger $41.8 million capital raise, aimed at further scaling the platform’s capabilities.

The round was led by high-profile investors including OKX Ventures, CMCC Global, HongShan, Republic Crypto, and Kingsway Capital, according to a Nov. 12 press release. The investors also received warrants tied to the MOCA Coin utility token, with an implied fully diluted valuation of $1 billion, continuing a structure seen in earlier funding rounds.

Advancing Web3 and Mass Adoption

Animoca Brands intends to use the funds to help advance its mission of promoting web3 mass adoption and improving interoperability across the decentralized internet. The company’s co-founder, Yat Siu, emphasized that Mocaverse’s development will bring the web3 ethos of decentralization to life, fostering network effects that span across the broader ecosystem.

“The support from these esteemed and strategically important investors is critical as we continue to push the boundaries of digital property rights and decentralization, ultimately working towards a more equitable internet,” said Yat Siu.

Targeting Mass Crypto Adoption

The project lead for Mocaverse, Kenneth Shek, highlighted the platform’s goal of onboarding hundreds of millions of users by tapping into fanbases that resonate on a deeply personal level, enabling them to access crypto in an engaging and relatable way.

In the current funding round, Animoca Brands offered Simple Agreements for Future Equity (SAFE) priced at A$4.50 per share, with conversion taking place in six months based on exchange rates. Investors also gained the right to acquire MOCA tokens at a price of $0.113 each, with a 30-month vesting period.

Animoca’s continued focus on interoperability and decentralization positions Mocaverse as a major player in the growing web3 space, driving digital ownership and participation in a more decentralized online ecosystem.