Animoca Brands secures additional $13m funding for Mocaverse

The company will utilise this to accelerate Web3 mass adoption.

Animoca Brands Corporation Limited has acquired an additional funding of $13m (US$10m) for Mocaverse, a Web3 platform that allows consumers to maximise exposure to Web3 experiences and rewards.

The company will utilise this to accelerate Web3 mass adoption, including scaling the Realm software development kit which allows partners to create their reputation-based ecosystems that are interoperable with the Moca Network.

This funding included participation from OKX Ventures, CMCC Global, HongShan (formerly Sequoia China), Republic Crypto, Decima Fund, and Kingsway Capital.

The investment includes a free-attaching warrant for the MOCA Coin utility token at an implied fully diluted value of $1.3b (US$1b).

Animoca Brands is also issuing Simple Agreements for Future Equity to raise a total of $13m (US$10m) at $3.9 (US$2.9) per share. It will be converted to ordinary shares after six months.

As part of the raise, Animoca granted investors a free-attaching utility token warrant on a 1:1 dollar basis with a 30-month vesting schedule, priced at $0.14 (US$0.113) per token.

($1=US$0.75)