Animoca Brands, a Hong Kong-based venture capital firm, is keen to raise funds (around $1 billion) for Web3, blockchain and metaverse related efforts. This shows the company’s eagerness to capitalize on the market without being adversely affected by the crypto winter.
Animoca Brands sets goals high for Q1 2023
Recently, Animoca Brands held several meetings with prospective investors to boost their Web3 and Metaverse projects. The funds raised will be provided to startups, Yat Siu, chairman of Animoca Capitals, said in his Twitter space today.
The bankruptcies of several companies such as Voyager Digital, Celsius and FTX Exchange last year put the entire cryptocurrency industry in a bind. A dozen of Animoca Brands’ portfolio companies face similar situations, he confessed. He added that the company has set targets for the first quarter, which it expects to achieve despite the difficult market conditions. Additionally, he also hinted that the goal may not be fully achieved.
In November 2022, the Animoca Capitals co-founder shared a similar plan to raise $2 billion in funding, though he didn’t halve the amount the company hopes to raise for the startup. did. This crypto industry meltdown proves that fundraising isn’t easy, but Yat Siu’s company is optimistic.
Animoca Capitals Current Reserves
Animoca Capitals are desperately trying to raise money, but they already have a good balance in their account. But its cash balance has fallen by 60% in recent months. I currently have $98 million in my cash account. In addition, its liquid cryptocurrency holdings are over 870M. The off balance sheet coin is 4B.