NFT Platform Immutable Raises $200M at $2.5B Valuation

Non-fungible token (NFT)-scaling platform Immutable has raised $200 million in a Series C funding round that was led by Singapore state investment fund Temasek at a $2.5 billion valuation, according to a press release provided to CoinDesk. The funds will be used toward global expansion, including boosting Immutable Gaming Studio and merger-and-acquisitions activity.

• Other participants in the round included Mirae Asset, ParaFi Capital, Declaration Partners and Tencent Holdings, among others.
• Immutable last raised money at a $410 million valuation in September, the company told Reuters, which was the first to report on the latest funding round. Last fall, Immutable raised $60 million in a Series B funding round.
• Sydney-based Immutable develops the popular NFT games “Gods Unchained” and “Guild of Guardians.” The company also created Immutable X, a layer 2 NFT infrastructure platform for businesses to build games, marketplaces and applications.
• Immutable plans to add 200 employees in the next 12 months, which would more than double its current 165-person team.
• NFT-related platforms have captured plenty of investment dollars and increasing valuations recently. In early January, NFT marketplace OpenSea raised $300 million at a $13.3 billion valuation. And soon after that, Autograph, the platform co-founded by the recently retired National Football League star Tom Brady, raised $170 million in a Series B round that was co-led by Andreessen Horowitz (a16z) and Kleiner Perkins.

Read more: GameStop Taps Immutable X for NFT Marketplace, Launches $100M Gaming Fund