True Global Ventures Invests $38M In Animoca Brands| MENAFN.COM

Wednesday, 07 December 2022 11:07 GMT

True Global Ventures Invests $38M In Animoca Brands


(MENAFN- Khaleej Times)

True Global Ventures 4 Plus Fund and Follow On Fund (TGV 4 Plus FoF) today announce a total investment of $38 million including a $16 million bought from the secondary market.

Animoca Brands recently raised a $110 million convertible led by Temasek, Bayou Capital and GGV, where TGV also participated.

TGV Partners across 20 cities around the globe support Animoca Brands' mission to deliver digital property rights to the world's gamers and Internet users, leading the play-and-earn model for the creators economy, and contributing to the Web3 Builders ecosystem of the open metaverse.

Globally, Animoca Brands has grown sales rapidly through its major business units including Yuga Labs / Ape Coin, The Sandbox, REVV ecosystem, Blowfish, Darewise (Life Beyond), and recently Tiny Tap. Animoca Brands has 380 investments in total.

TGV General Partner Kelly Choo, said:“We are happy to invest at scale in Web3, in a leading company like Animoca.”

TGV has been an early backer of Animoca Brands since early 2019. The company became a unicorn in May 2021.

TGV General Partner Dušan Stojanović ,said:“This is the largest investment TGV has ever done in one company as we see a large growth potential coming with massive adoption. With the Follow on fund newly set up, we invest in the best among our 15 portfolio companies in the TGV 4 Plus base Fund.”

Besides Animoca Brands, the TGV 4 Plus base fund has also invested in other leading companies such as The Sandbox (a subsidiary of Animoca Brands), Forge Global, Chromaway, Coinhouse, GCEX, Chronicled, Enjinstarter, Iomob, Dedoco and others.

TGV 4 Plus Follow on Fund focuses on investing a majority of its capital into selected TGV 4 Plus base fund companies. The TGV 4 Plus Follow On Fund will consider making additional investments in other late stage Web3 deals as the opportunities arise.

Yat Siu, the co-founder and executive chairman of Animoca Brands, who was in Paris last week for the TGV 62nd conference, said:“TGV has been a friend and wonderful supporter of the company and its ecosystem such as The Sandbox since 2019 and we are honored that they continue to support Animoca Brands and its vision to deliver true digital property rights to the world!”

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