Metaverse and gaming venture capital firm Animoca Brands has announced a strategic partnership with Saudi Arabia’s NEOM Company, aimed at driving regional Web3 initiatives in alignment with the Saudi Vision 2030 plan. In a statement, Animoca Brands said, as part of this strategic alliance, NEOM Investment Fund will make an investment of $50 million in the Hong Kong headquartered investment firm.
Out of this total, $25 million will be allocated through the issuance of convertible notes at a conversion cap price of A$4.50 per share—bearing similar terms to the strategic funding round disclosed by Animoca Brands on 8 September 2022. The remaining $25 million will be directed towards acquiring Animoca Brands’ shares on the secondary market.
As a key facet of their collaboration, Animoca Brands will collaborate with NEOM to cultivate Web3 enterprise service capabilities with global commercial applicability. These initiatives will play a pivotal role in advancing technology in Riyadh and the NEOM region.
Among the planned projects is the establishment of a hub within NEOM to foster the local Web3 ecosystem, drawing on extensive capabilities from Animoca Brands, its subsidiaries, partners, and diverse investment portfolio.
Yat Siu, the co-founder and executive chairman of Animoca Brands, stated, “We are honored and excited to partner with and receive investment from NEOM, one of the world’s most ambitious projects seeking to use innovation and technology to redefine how we live, work, and play. We have always referred to the growth of the Web3 ecosystem as the emergence of a new meta-nation, and now NEOM could well become the first region to fully harness the power of blockchain.”