Animoca Brands, a Hong Kong-based mobile gaming and blockchain unicorn, raises US$65 million as valuation doubles to US$2.1 billion

The start-up aims to use the proceeds to fund strategic investments and acquisitions, product development, and licences for intellectual property

The funding included investment from Ubisoft Entertainment, Sequoia Capital China and Dragonfly Capital

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Yat Siu, co-founder and CEO of Animoca Brands, shows off the company's office. Photo: SCMP Pictures

Published: 5:29pm, 21 Oct 2021Updated: 10:33pm, 21 Oct 2021

Hong Kong-based mobile gaming and blockchain start-up Animoca Brands raised US$65 million in a second round of funding as its pre-money valuation doubled to more than US$2 billion.

The funding included investment from Ubisoft Entertainment, Sequoia Capital China and Dragonfly Capital. The latest fundraising was based on the company’s pre-money valuation – how much it was worth before money was invested in it – of US$2.1 billion.

Animoca raised US$138.88 million in a previous round of funding earlier this year, when it was valued at US$1 billion. That valuation made it Hong Kong’s ninth unicorn, joining a list of companies that includes Lalamove, WeLab and Gogo Van.

The company aims to use its latest capital injection to fund strategic investments and acquisitions, product development, and licences for intellectual property.

Founded in 2014 by Yat Siu and David Kim, Animoca is one of Hong Kong’s best-known mobile gaming and blockchain companies. The start-up and its subsidiaries have a growing portfolio that includes games, blockchain games and investments in various blockchain companies related to non-fungible tokens (NFTs).

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