Bonk (bonk) 
Animoca Brands Raises $10 Million to Accelerate Mocaverse Development
Animoca Brands, a Hong Kong-based firm specializing in non-fungible tokens and web3 games, has secured an additional $10 million in funding to drive the growth of its web3 platform Mocaverse. The latest capital raise, part of a broader $41.8 million funding round, will help the company accelerate its mission to bring cryptocurrency to millions of users worldwide.
Key Backers and Funding Terms
The $10 million funding tranche was backed by prominent investors, including OKX Ventures, CMCC Global HongShan, Republic Crypto, and Kingsway Capital. In addition, the round features a free-attaching warrant for the MOCA Coin utility token, with an implied fully diluted value of $1 billion.
The funding structure, similar to previous rounds, includes a Simple Agreement for Future Equity priced at A$4.50 per share, with shares converting in six months based on exchange rates. Investors also received a warrant to acquire MOCA tokens, priced at $0.113 each, with a 30-month vesting period.
Accelerating Web3 Mass Adoption
Animoca Brands’ co-founder Yat Siu expressed enthusiasm for the project’s progress, stating, “The raise announced today features participation from esteemed and strategically important investors, and we are honored by this level of support as we work to advance digital property rights, interoperability, and the evolution of the Internet into more equitable decentralized systems.”
The company aims to bring the “web3 ethos of interoperability to life, driving decentralization and shared network effects across the broader web3 ecosystem,” according to Siu. Mocaverse, a membership non-fungible token collection of 8,888 unique beings, is at the forefront of this mission.
Focusing on User Adoption
For the funding, Animoca Brands’ project lead for Mocaverse, Kenneth Shek, emphasized the importance of onboarding hundreds of millions of users, particularly those who engage with content on a deeply personal level. By doing so, crypto can become more accessible and mainstream.
“The mission is to get crypto in the hands of hundreds of millions of users, which requires onboarding the fan bases that appeal to individuals on a deeply personal level,” Shek said.
