Animoca Brands, a Hong Kong-based digital entertainment company, is looking to raise $1 billion in the first quarter of 2023 to invest in the emerging web3 space. The company, which has been at the forefront of digital entertainment, gaming, and blockchain technology, believes that the web3 space is now ready for large-scale investment, media reports said.
Co-founder and Chairman of Animoca Brands, Yat Siu, told Bloomberg in a Twitter Spaces chat that raising $1 billion is the goal for Animoca Capital in Q1. “Q1 is the goal and then let’s see what happens…. It is fair to say it’s a challenging market. But we have quite a bit of interest,” Siu told.
Robby Yung, Animoca Brands’ Chief Executive said the company is “committed to investing in the Web3 space to help accelerate the development of an open, equitable, and fair digital economy”. He believes that web3 technology, which combines blockchain, artificial intelligence, and the internet of things, will revolutionize the way people interact with digital assets and services, as well as enable new business models.
The company has already made several investments in the web3 space over the past couple of years. These include a $12 million Series A investment in blockchain-powered gaming platform Refereum and a $2 million Series A investment in blockchain-based game developer CryptoKitties.
Animoca Brands is now looking to significantly increase its investments in web3 technology and has set a goal of raising $1 billion in the first quarter of 2023. The funds will be used to invest in web3 startups, and to develop its products and services in the space.
The company is also looking to partner with governments, corporations, and other organizations to help create a “global digital economy” that is open, equitable, and fair. Yung believes that web3 technology will be the foundation for this new digital economy and that Animoca Brands can help shape it.