Animoca Brands, dedicated to promoting digital property rights in gaming and the open metaverse, today announced the completion of a $10 million financing round for its Mocaverse, having previously raised $31.88 million (details can be found in the announcement dated December 8, 2023). The funds from this financing will be used to build an interoperable infrastructure technology stack for consumer adoption of cryptocurrency and to develop a large user ecosystem.
Additionally, this investment comes with a free warrant for the utility token MOCA, which has a fully diluted value (FDV) of $1 billion.
Participants in this financing round include OKX Ventures, CMCC Global, Hong Shan (formerly Sequoia China), Republic Crypto, Decima Fund, Kingsway Capital, among others. Their involvement will help Mocaverse expand its operational scale more rapidly against the backdrop of significant growth following the initial financing.
Animoca Brands will utilize the new funds to accelerate its goals of large-scale adoption and interoperability in Web3, specifically by continuing to expand and build Mocaverse, which serves as an interoperable infrastructure layer for consumer adoption of cryptocurrency accounts, identities, and reputation systems. This includes the Realm SDK, an interoperable software development kit (SDK) that allows partners to create their own reputation-based ecosystems and provide corresponding application experiences that can interoperate with all ecosystems built on the Moca Network.
Earlier this year, Mocaverse launched the pilot on-chain identity system Moca ID with the Realm SDK. Yat Siu, co-founder and executive chairman of Animoca Brands, discussed the opportunities presented by the new decentralized identity (DID) in an article published in January (see full text), stating that "digital life will become our platform, and we will legally own these platforms and their associated (economic) benefits through Web3."
Since the launch of Moca ID, over 1.79 million Moca IDs have been registered, and more than 160 Web3 joint events have been launched in collaboration with partners such as Pixels, BLOCKLORDS, Trust Wallet, and OKX Wallet.
Mocaverse will continue to expand the Moca Network and drive consumer adoption of cryptocurrency by integrating large user ecosystem partnerships with major companies and communities. Mocaverse is excited to have Anime Foundation, MyAnimeList, and One Football as partners in Realm, bringing over 218 million monthly active users to the Moca Network through the new identity systems Anime ID and Football ID (details can be found in the announcements dated May 29, 2024 and June 21, 2024).
Additionally, Mocaverse has established a strategic partnership with the TON Foundation to attract over 900 million active users on Telegram through key cultural verticals such as social casual gaming, sports, and IP experiences (details can be found in the announcement dated July 22, 2024).
Investor Comments
Jeff Ren, Partner at OKX Ventures, stated: "We are excited to invest in Animoca Brands and Mocaverse, a project that perfectly represents Animoca Brands' vibrant ecosystem. By creating an interoperable infrastructure layer for consumer applications, Mocaverse integrates various cultural economies and maximizes network effects. At the same time, we are pleased to establish a strategic partnership with OKX Wallet, Mocaverse, and X Layer to explore new solutions in the Web3 space. This investment demonstrates our passion and determination to drive the development of the Web3 world."
Martin Baumann, Managing Partner and Co-founder of CMCC Global, stated: "Animoca Brands is an innovative leader in empowering consumer applications in the blockchain space. Yat Siu and his team have extensive experience in building globally recognized leading blockchain and metaverse applications, such as games, platforms, and NFT-related applications. At CMCC Global, we have identified and invested in many blockchain infrastructure protocols at the seed stage, such as Solana, Cosmos, and Ethereum. We foresee that the next wave in the blockchain industry will center around consumer and mass market adoption, and Animoca Brands' Mocaverse is poised to be one of the industry definers. This is why Mocaverse can be CMCC Global's largest investment to date."
Ken Kitahara, General Partner at Decima Fund, stated: "We are proud to support Yat Siu, Animoca Brands, and the Mocaverse team, who are committed to clarifying the future of on-chain social graphs, and we look forward to exploring unique market opportunities for Mocaverse in Japan."
Management Comments
Yat Siu, Co-founder and Executive Chairman of Animoca Brands, stated: "With Mocaverse and its Realm Network, we are bringing Web3 interoperability to life, driving decentralized and shared network effects to play a role in a broader Web3 ecosystem. The investors participating in this financing announced today are respected and strategically important players in the industry, and we are honored to receive this level of support as we are committed to advancing digital property rights, interoperability, and the evolution of the internet towards a fairer decentralized system."
Kenneth Shek, Project Lead for Mocaverse, stated: "Our mission is to enable hundreds of millions of users to own cryptocurrency, which requires engaging fan communities on a personal level. We are building the Realm Network to decentralize this mission among pioneers in various crypto verticals, with the ultimate goal of driving network effects among all these pioneers."
Fundraising Details
Animoca Brands is issuing a Simple Agreement for Future Equity (SAFE) to various experienced professional investors to raise $10 million (approximately AUD 15.4 million) at a price of AUD 4.50 per share. After six months, the SAFE will automatically convert into common stock. The number of new shares issued will be determined by the AUD to USD exchange rate at the time of settlement. The company currently has 1,923,933,217 fully paid common shares issued.
As part of the fundraising, the company has granted participating investors a 1:1 free utility token warrant at $1, with a vesting period of 30 months. This is based on the token MOCA's fully diluted value (FDV) of $1 billion, with each token priced at $0.113.
About Mocaverse
Mocaverse is Animoca Brands' flagship project, providing consumers with a Web3 platform to engage and maximize their experiences and rewards in Web3. Mocaverse is one of Animoca Brands' 540 invested companies, building the Moca Network, which provides a single login entry point for different networks where partners can collaboratively build various consumer applications. The Realm SDK is its core product, and Mocaverse aims to decentralize logins for millions of users from partners through interoperable wallets, IDs, reputation, and points systems.
Website: https://www.mocaverse.xyz
X (Twitter): https://x.com/Moca_Network
Medium: https://medium.com/mocaverse
Discord: http://discord.gg/MocaverseNFT
About the MOCA Foundation
The MOCA Foundation is a community-owned foundation aimed at enhancing the network effects of Mocaverse in culture and entertainment. Its mission is to strengthen unity and collaboration while being at the forefront of governance, culture, and growth innovation. It serves as the largest interoperable cultural economy platform in the Web3 space based on the MOCA token, continuously supporting the development of Moca DAO, an upcoming "DAO for DAOs," where members will lead the co-creation of Moca Improvement Proposals (MIPs) and participate in cross-DAO authorizations through a unique delegation model.
Website: https://www.moca.foundation
X (Twitter): https://twitter.com/MOCAFoundation
About Animoca Brands
Animoca Brands is a winner of the Deloitte Tech Fast award, listed in the Fortune Crypto 40 companies and the Top 50 Blockchain Game Companies 2024, and recognized in the Financial Times' 2023 Asia-Pacific High Growth Companies ranking. As a leader in the Web3 industry, Animoca Brands provides digital property rights to global consumers through blockchain, helping to build an open metaverse. The company develops and publishes a diverse portfolio of products, including original games such as Anichess, The Sandbox, PHANTOM GALAXIES™, and Crazy Defense Heroes, as well as licensed products from popular intellectual properties in sports and entertainment, such as The Walking Dead, Power Rangers, MotoGP™, and Formula E. One of Animoca Brands' flagship projects is Mocaverse, a platform that helps consumers maximize their engagement with Web3 experiences and rewards through a single login entry point.
Animoca Brands owns several subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Notre Game, TinyTap, SPORTPASS, PIXELYNX, WePlay Media, Gryfyn, and Azarus. Animoca Brands is one of the most active investors in the Web3 industry, with direct investments and a portfolio through Animoca Ventures that includes over 540 Web3 projects, including well-known companies such as Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, OpenSea, Dapper Labs, and Yield Guild Games. For more details, please visit www.animocabrands.com or follow them on X (Twitter), YouTube, Instagram, LinkedIn, Facebook, or TikTok.
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