Quick take:
Participating investors include OKX Ventures, CMCC Global and Hong Shan (formerly Sequoia China).
The free-attaching token warrant values MOCA coin at an implied fully diluted market cap of $1 billion.
The fundraising brings the total raised to data for the project to $41.88 million following $31.88 million raised as of last year.
Animoca Brands has announced a $10 million fundraising for the Mocaverse project backed by OKX Ventures, CMCC Global, Hong Shan (formerly Sequoia China), Republic Crypto, Decima Fund, Kingsway Capital and others.
The project previously raised a total of $31.88 million as of the previous funding announced last year. Animoca plans to use the fresh capital to accelerate and scale Mocaverse’s operations.
The latest round was structured as a simple agreement for future equity (SAFE) with a free-attaching utility token warrant.
The fundraising was priced at A$4.50, bringing in A$15.4 million. The company said the SAFEs will be automatically converted into ordinary shares after six months, with the number of new shares distributed to investors determined by the AUD/USD exchange rate at the time of settlement.
Participating investors will also receive a free-attaching utility token warrant on a 1:1 dollar basis with a 30-month vesting schedule, priced at US$0.113 per token and based on a fully diluted value (FDV) for MOCA Coin of US$1 billion, Animoca Brands said in a statement on its Website.
Commenting on the announcement, Jeff Ren, partner of OKX Ventures which has established strategic partnerships with OKX Wallet, Mocaverse and X Layer (OKX crypto exchange’s layer-2 blockchain) said in a statement: “We are delighted to invest in Animoca Brands and Mocaverse, a project that perfectly represents the vibrant ecosystem of Animoca Brands.
“By creating an interoperable infrastructure layer for consumer apps, Mocaverse integrates various cultural economies and maximizes network effects.”
Yat Siu, the co-founder and executive chairman of Animoca Brands commented: “The raise announced today features participation from esteemed and strategically important investors, and we are honoured by this level of support as we work to advance digital property rights, interoperability, and the evolution of the Internet into more equitable decentralized systems.”
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The post Animoca Brands Secures $10M Additional Funding for the Mocaverse Project appeared first on NFTgators .