The Sandbox raises $20 million at a $1 billion valuation
The company planned to raise $400 million at a valuation of $4 billion two years ago.
Metaverse platform The Sandbox has raised $20 million at a $1 billion valuation as it looks to improve its user-generated multiplayer gaming platform.
Kingsway Capital and Animoca Brands led the funding round, which featured investments from LG Tech Ventures and True Global Ventures, according to a press release.
A portion of the capital will be used to develop a decentralized metaverse for mobile devices, expected to launch in 2025. Sandbox will also update its Game Maker and 3D editor tools.
"McKinsey estimated that by 2030 the metaverse could add $5 trillion to the global economy," said Yat Siu, co-founder of Animoca Brands. "Today, games like Minecraft and Roblox are some of the most popular titles in the world, but they do not provide their users with digital ownership rights. Sandbox represents the evolution of UGC games for the era of digital ownership."
Sandbox has 5.7 million user accounts connected to crypto wallets and more than 1,000 user-generated experiences have been created since the Alpha version was released in November 2023.
