Singapore's Temasek To Invest $100 Million In Animoca Brands

Asian blockchain gaming giant and venture capital company Animoca Brands is set to receive $100 million from Singapore's state-owned Temasek Holdings Pte, according to a report.

Temasek will lead the financing round through convertible bonds, a fixed-income corporate debt security that is capable of producing returns until it is converted to common stocks of a company, Bloomberg reported Tuesday.

People with knowledge of the matter told the outlet that the new funding adds to the round first announced in January wherein Animoca Brands raised $359 million from industry giants, including George Soros and the Winklevoss twins, the co-founders of Gemini crypto exchange.

"In 2021 we saw tremendous growth in this space and Animoca Brands has been one of the forefront leaders in the development of this industry. We believe we are still at the initial stages of a new Internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond," Yat Siu, co-founder and executive chairman of Animoca Brands, had commented on the $359 million raise.

In July, the Hong Kong-based video game studio with over 340 portfolio companies, including The Sandbox and Decentraland, raised another $75 million and is now valued at $6 billion.

As per the Bloomberg's report, Temasek does not believe in investing directly in cryptocurrencies but would rather invest in firms directly involved in the space since the crypto market is known for its volatility.

Animoca Brands is not the only firm that Temasek has invested in. In February, the Singapore state-owned firm invested in cryptocurrency-trading platform Amber Group at a valuation of $3 billion. Sequoia China, Pantera Capital and Tiger Global Management were also a part of the $200 million financing round led by Temasek.

Animoca Brands is showing no signs of stopping despite the crypto market downturn. Interestingly, last year, it struck a deal with Korean record label Cube Entertainment to make NFTs and create a "K-pop metaverse."

Recently, Animoca Brands Japan raised $45 million from MUFG Bank, Ltd. and Animoca Brands.