Hong Kong-based Animoca Brands announced securing $10 million to further develop its unique NFT collection Mocaverse. This funding is part of a larger $41.8 million capital raise.
Financial Details of the Round
The funding included support from prominent investors like OKX Ventures, CMCC Global, HongShan, Republic Crypto, and Kingsway Capital. Investors also received a warrant to acquire the MOCA Coin utility token at $0.113 each, with an implied fully diluted value of $1 billion.
Fund Utilization Goals
The funds will be directed towards advancing web3 adoption and interoperability, focusing on scaling and developing Mocaverse. Co-founder Yat Siu highlighted the project's advancement of interoperability and decentralization.
Support from Notable Investors
The team, led by Kenneth Shek, aims to onboard millions into crypto. Previously, in September 2023, Animoca Brands raised $20 million for Mocaverse development.
This new financing will enable Animoca Brands to solidify its market position and continue advancing web3 technology, facilitating broader adoption of decentralized solutions.
