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Australia-based metaverse startup Animoca Brands is now valued at over $5 billion following its latest $359 million funding round, the company said in a press release on 18 January.

According to the announcement, the funding round was led by Liberty City Ventures and also saw the participation of investors such as Soros Fund Management, Sequoia China, 10T Holdings, Mirae Asset, Pacific Century Group, ParaFi Capital, and Winklevoss Capital. With this funding, Animoca Brands has more than doubled its value in less than three months, considering it raised $65 million at a $2.2 billion valuation last October. Yat Siu, executive chairman and co-founder of Animoca Brands, said in a statement:

“We are pleased to see continued and growing support from influential and strategic investors for Animoca Brands’ mission to deliver true digital property rights and build the open metaverse. We believe we are still at the initial stages of a new Internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond.”

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In its press release, Animoca Brands stated that the new funds will fuel new acquisitions and investments, product development, and licenses for popular intellectual properties. The company’s portfolio already includes more than 150 blockchain games and NFT-related projects, such as The Sandbox, the upcoming Phantom Galaxies game, Axie Infinity, Dapper Labs, NBA Top Shot, and OpenSea.

Last December, the company also partnered with cryptocurrency exchange Binance to launch a $200 million GameFi fund, with each firm contributing $100 million each. The goal of the fund is to invest in early-stage blockchain gaming startups that are building on the Binance Smart Chain (BSC) network, and give them the opportunity to gain expertise from leading gaming giants such as Animoca Brands.

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