Animoca Brands, a Hong Kong-based venture capital, is keen to gather funds (approximately $1 billion) for its Web3, blockchain and Metaverse-related endeavours. It shows the eagerness of the firm to capitalize in the market without being negatively influenced by the crypto winter.
Animoca Brands Sets its Aims High for the First Quarter of 2023
Recently, Animoca Brands has held several meetings with likely investors to boost its Web3 and Metaverse projects. The collected funds will be provided to startups, as said by the chairman of Animoca Capitals, Yat Siu, in a Twitter space today.
The bankruptcy of several firms like, Voyager Digital, Celsius, and the FTX exchange in the previous year has left the whole crypto industry strangled. More than a dozen of portfolio firms of Animoca Brands has also been facing a similar kind of situation, confessed Siu. He further added that the firm has set a goal for quarter 1 and it will be achieved despite the challenging condition of the market. Furthermore, he also hinted that the target may not be achieved entirely.
In November of 2022, the co-founder of Animoca Capitals shared a similar kind of plan to gather $2 billion in funds however no he has halved the amount the firm hopes to collect for the startups. It proves that fundraising is not easy in this crypto industry meltdown but still the firm of Yat Siu is optimistic.
Present Reserves of Animoca Capitals
Although Animoca Capitals is looking to gather funds desperately, it has a sizeable balance in its accounts already. However, its cash balance has dropped 60% in the last couple of months. At present, it holds $98M in its cash accounts. Furthermore, its liquid crypto holdings are more than 870M. Off-balance-sheet coins are 4B.