Non-fungible token (NFT) and metaverse investor Animoca Brands has raised a further $75 million at a valuation of $5.9 billion.
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Existing investors Liberty City Ventures, 10T and Kingsway were among those participating.
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The fundraise is the second tranche of the previous funding round in January, which raised almost $360 million and valued the company at $5.5 billion, doubling Animoca’s value in less than three months. The firm raised $65 million at a $2.2 billion valuation in October.
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January’s raise was extended to accommodate due diligence processes, Animoca announced Tuesday.
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Animoca Brands said it will to use the capital to fund acquisitions, investments and product development, as well as secure licenses for popular intellectual properties and advance the open metaverse.
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The company’s portfolio contains more than 150 NFT-related projects, including play-to-earn game Axie Infinity, Dapper Labs, the company behind NBA Top Shot, and OpenSea, the largest NFT trading platform. It also has a majority stake in metaverse game The Sandbox.
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The fundraise shows that despite the bearishness in the digital asset market, capital is still finding its way to the well-established firms in the industry.
Read more: Web3 Startup Mysten Labs Aiming for $2B Valuation in Latest Funding: Report
