Animoca Brands' Web3 mutual fund has revised its first-quarter fundraising target to $1 billion from $2 billion, according to Bloomberg News - amid "challenging" market conditions.
Animoca Brands CEO Yat Siu told Bloomberg:
âWe desire to meet the main quarter target, however, it will be a test. The market is difficult at the moment, but we see a lot of interest".
The Animoca Capital fund will invest in Web3-related projects. Former Morgan Stanley chief executive Homer Sun will co-manage the fund.
According to Siu, Animoca is in talks with potential investors who may be interested in Animoca Capital's support. Siu also said that the targeted $1 billion will be used to support Metaverse projects.
As of April 2022, Animoca had approximately $98 million in cash, $870 million in liquid cryptocurrencies, and $4 billion in unbalanced coins.
In 2022, the company raised $358 million in funding. It has stakes in over 380 companies and has accepted a large investment from Temasek.
Siu said Animoca has no plans to raise funds itself in the near future. Instead, the company will focus its funding efforts on building a web3 ecosystem.
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