Brands, chaired by yat siu, is aiming to raise $1 billion for its metaverse investing fund in the early part of this year. siu suggested that the target could be less due to market circumstances. the actual fundraising process will take place in the first quarter of 2021, with plenty of sources of capital coming from asia. venture capital firms have been pouring money into the crypto space, and animoca brands recently closed a funding round for one of its portfolio companies.
Company has been backed by ubisoft, sequoia capital and softbank in successive funding rounds, with a round in september 2022 led by temasek and ggv capital valuing the business at $6 billion. siu was bullish on asia’s prospects as a crypto leader throughout the conversation. animoca brands had initially looked at a target of $1 billion to $2 billion for the fund, animoca capital.
Listed on the australian securities exchange in 2015, but delisted in 2020. siu said animoca now favors hong kong over the us as the best place for an ipo. he noted that there is capital in the space, and that the capital had come from “top-name, top-tiered vcs.” siu said it was a question of “when,” not “if” the company would go public.