News flash: Animoca raises $358,888,888 on a $5 billion valuation

Penta-unicorn arises

I’m sure my list isn’t comprehensive but I’ve noted 33 blockchain game investment rounds that Animoca Brands was involved with in 2021. That’s the most of any company.

And I’d be surprised if that number isn’t much higher in 2022.

But what’s more significant about its new $358,888,888 raise — chairman Yat Siu does love his numeric memes — is that now Animoca will be able to take a larger stake earlier and follow through later stage rounds.

That sort of firepower also places it in the top tier of blockchain game investors alongside the likes of a16z, Paradigm, Coatue, Galaxy Interactive and FTX.

For, in the first half of 2021, Animoca tended not to lead investments; instead investing widely but fairly shallowly.

That appears to have changed in recent months as it led or co-led investments in Solice, CryptoSlam, Kepithor (Kingdom Karnage), Mystic Moose (Planet Mojo), Moonray, Rainmaker Games and YGG SEA.

I’m guessing that change happened as it started spending the first fruits of the investment it’s just announced.

Of course, the other part of the deal is the $5 billion valuation.

Given OpenSea raised $300 million on a $13.3 billion valuation, you could argue Animoca remains undervalued. Very few of its own projects are live yet and it has investments in most of the key blockchain game companies so there’s still plenty of upside.

On the other hand, Animoca raised $65 million on a $2.2 billion valuation in October 2021 so a doubling in three months is probably the correct velocity.

And we can be certain it won’t be the only raise of such scale in 2022.