Today Bloomberg reports that Animoca Brands has downgraded its target for its web3 fund, Animoca Capital, to $1 billion. In a Nikkei interview in late November, Animoca said it was looking to raise $1 to $2 billion to invest in blockchain and metaverse startups. By that stage, the impact of the FTX collapse had already hit home. Meanwhile, it was quietly revealed on New Year’s eve that Animoca Brands had failed to file its accounts for 2020.
“It is fair to say it’s a challenging market. But we have quite a bit of interest,” said Yat Siu, Animoca Brands co-founder told Bloomberg. He said the FTX collapse heavily impacted about a dozen of its portfolio firms, but that’s a fraction of its total portfolio.
Animoca Brands is already a prolific investor in the sector and says it has backed 380 startups. It has some significant successes, such as The Sandbox metaverse and has invested in many of the major web3 and metaverse successes, such as Dapper Labs and Decentraland. There’s little question the company knows how to create and move fast.
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