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Metaverse Startup The Sandbox Closes $93M Series B Led by SoftBank
The Sandbox metaverse counts 500,000 registered wallets, the startup said.
Updated May 11, 2023, 4:00 p.m. Published Nov 2, 2021, 10:04 a.m.
Metaverse startup The Sandbox said it closed a $93 million Series B funding round led by SoftBank.
- The Sandbox is an Ethereum-based platform where players can “play, create, own, and govern a virtual world,” its site states.
- Players can own in-game assets in the form of non-fungible tokens (NFTs), such as plots of land that they can build on.
- The Sandbox token, SAND, has a $2.46 billion market cap, according to data from intelligence platform CoinMarketCap.
- The startup’s majority stakeholder is Hong Kong-based gaming firm Animoca Brands, an early metaverse and GameFi backer that was valued at $2.2 billion after raising $65 million in October.
- Other investors in the round include True Global Ventures, Liberty City Ventures, Galaxy Interactive, Kingsway Capital and Blue Pool Capital.
- Singapore-based True Global Ventures contributed $10 million to the round through its blockchain-focused 4 Plus fund, according to a separate press release shared with CoinDesk.
- The virtual world now has $144 million in gross merchandise value, 500,000 registered wallets, and 12,000 unique landowners, the press release said.
- The Sandbox has set up partnerships with names like rapper Snoop Dogg, AMC TV series “The Walking Dead,”children’s cartoons “Care Bears”and “The Smurfs,” gaming brand Atari and non-fungible token (NFT) collection CryptoKitties.
Read more: Metaverse Backer Animoca Brands Raises $65M at $2.2B Valuation
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UPDATE (Nov. 2, 10:00 UTC): Adds details about True Global Ventures investment.
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