#AnimocaBrands Receives $50 Million Investment From NEOM , #SaudiArabia .

To support its ambitions as a forward-thinking innovation cluster, Animoca will develop Web3 service capabilities with worldwide commercial application in partnership with #NEOM .

Under the plan, Animoca will build Web3 service capabilities with global commercial applications alongside NEOM to support its aspirations as a futuristic tech hub.

A prominent name in the Web3 investment sector over a number of years, Animoca was valued at $6 billion in July 2022 with Singapore's state investment fund Temasek among its backers. The firm was targeting a raise of $2 billion for its #metaverse fund the following November, however expectations were tamped significantly after the collapse of FTX, and Animoca reduced the target to $800 million in March 2023.

Animoca is now attracting investment from state-backed funds once again in what may be a sign of a turning tide in the Web3 venture capital sector amidst broader indications of the crypto winter thawing. #vaibhavAli