Hong Kong-based Animoca Brands has raised an additional $10 million to accelerate the development of its web3 platform Mocaverse.

Animoca Brands, a Hong Kong-based firm known for investing in non-fungible tokens and web3 games, has raised an additional $10 million for Mocaverse, a membership non-fungible token collection of 8,888 unique beings.

The latest funding tranche, part of a broader $41.8 million capital raise, was backed by prominent investors including OKX Ventures, CMCC Global, HongShan, Republic Crypto, and Kingsway Capital, according to a Nov. 12 press release. The round also offers a free-attaching warrant for the MOCA Coin utility token at an implied fully diluted value of $1 billion, following a structure used in previous funding rounds, the press release reads.

Animoca Brands seeks to bring crypto to millions

Animoca Brands says the proceedings will help the firm advance its goal to “accelerate web3 mass adoption and interoperability, specifically by continuing to scale and build Mocaverse.” Animoca Brands’ co-founder Yat Siu expressed enthusiasm for the project’s progress, noting that the platform is positioned to bring the “web3 ethos of interoperability to life, driving decentralization and shared network effects across the broader web3 ecosystem.”

“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.”

Yat Siu

Commenting on the latest funding round, Kenneth Shek, project lead for Mocaverse, said that 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.”

For the funding, Animoca Brands issued Simple Agreements 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, the press release reads.