Animoca Brands raises $20M for Mocaverse Web3 project

Animoca Brands, a big advocate of the Web3 open metaverse, said it raised $20 million for its flagship project, Mocaverse.

The round was led by CMCC Global, a venture capital firm focused on blockchain and Web3 investments, with participation from other notable investors. The funds will be used to accelerate the development of Mocaverse, expand its ecosystem, and drive Web3 adoption.

Mocaverse, as envisioned by Animoca Brands, aims to establish itself as the identity and point system for Web3 gaming, culture, and entertainment. The project is building Web3-native tools that empower users to create their digital identities, accumulate reputation, earn and spend loyalty points, and access the Mocaverse ecosystem.

With over 450 investments in Web3 companies and projects, Animoca Brands is uniquely positioned to seed the Mocaverse ecosystem with an overall network of over 700 million potential users.

“We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralization,” said Yat Siu, executive chairman of Animoca Brands, in a statement. “The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem. In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralized organizations.”

As part of the funding round, Animoca Brands plans to launch Moca ID, a non-transferrable non-fungible token (NFT) collection that will allow users to craft their on-chain identities and actively participate in the Mocaverse ecosystem.

Moca ID holders will get exclusive access to unique experiences within the ecosystem and have the opportunity to earn loyalty points through engagement. These loyalty points will power a decentralized and interoperable loyalty system, enabling third-party adoption and integration of Moca ID to advance the accessibility and growth of Web3.

CMCC Globa is known for its early investments in leading blockchain projects like Ethereum, Solana, and Cosmos.

Martin Baumann, the co-founder of CMCC Global, said in a statement, “Having built a long term relationship with Animoca Brands, we are thrilled to be leading this first round of funding into Mocaverse. The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems. At CMCC Global, we look to support innovative founders that are pushing the boundaries of our industry. Yat Siu has proved time and again his ability to lead Web3 in creative new directions and we are excited to be supporting him and the Animoca Brands team once again as they venture into the Mocaverse.”

The funding was raised through the issuance of Simple Agreements for Future Equity (SAFEs) at a price of A$4.50 per share. Following a six-month period, the SAFEs will be automatically converted into ordinary shares. In addition, participating investors were granted a free-attaching utility token warrant on a 1:1 dollar basis, subject to a vesting schedule of 30 months.

Animoca Brands owns The Sandbox, Quidd, nWay, and Blowfish Studios. The company also holds over 450 Web3 investments, including notable projects such as Axie Infinity, OpenSea, and NBA Top Shot.

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