Mocaverse Raised $20 Million Investment

Metaverse and gaming VC firm Animoca Brands has raised $20 million from leading Web3 investors to advance the Mocaverse project. According to the statement made by the Hong Kong-based company, CMCC Global led the investment, while Kingsway Capital, Liberty City Ventures and GameFi Ventures also made major contributions. Yat Siu, co-founder of Animoca, gave individual support.

Animoca Brands has been a leading investor in NFTs, blockchain gaming and metaverse-related companies, particularly over the past few years, with the backing of Singapore’s sovereign investment fund Temasek. Animoca’s goal in the Mocaverse project is to provide users with Web3 tools while creating games and other entertainment products. For example, products in development include Moca ID, an NFT collection. The product allows users to create on-chain identities in the Mocaverse ecosystem.

The capital was raised through the sale of Lean Agreement for Future Share-Based Financing (SAFEs) for approximately $4.50 each. These deals will automatically convert into common shares after six months.