The Sandbox, a developer of web3 gaming and metaverse, raised $20 million in strategic funding via a convertible promissory note, a type of debt that can later turn into equity. 

Kingsway Capital and Animoca Brands led the financing, which received additional support from LG Tech Ventures and True Global Ventures, according to a company release. The funding brings The Sandbox's total valuation cap to $1 billion. 

The Sandbox develops metaverse-based virtual worlds that include gaming elements. The firm intends to publicly launch a new multiplayer gaming experience as well as a decentralized metaverse for mobile devices by 2025 

"We are deeply honored by the continuing commitment to the vision of The Sandbox, and we’re incredibly excited about the future of composable …