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Animoca Brands Leads $130M Investment in Venture Accelerator Brinc for Web 3 Expansion
The funds will be used to lead Brinc’s expansion into DeFi and crypto gaming.
Updated May 11, 2023, 7:17 p.m. Published Dec 15, 2021, 2:00 a.m.
Venture accelerator Brinc closed a $130 million funding round, led by NFT and metaverse investor Animoca Brands.
- Brinc closed a $30 million Series B and a further $100 million for startup investments, the company said.
- The funds will be used to aid Brinc’s expansion into new locations and Web 3, which includes blockchain-focused programs in decentralized finance (DeFi), gaming and more.
- Metaverse refers to an immersive digital world created by the combination of virtual reality, augmented reality and the internet, while DeFi is a blanket term that refers to financial activities carried out on blockchain without traditional middlemen.
- The investment from Animoca Brands continues the two firms’ ongoing partnership, following the joint development of an NFT launchpad.
- Hong Kong-headquartered Brinc claims to have supported the growth of more than 200 startups since its launch in 2014.
- The Brinc investment comes after Animoca and Binance Smart Chain started a $200 million program to invest in blockchain gaming projects.
- Also based in Hong Kong, Animoca Brands is an investor in NFTs and metaverse projects and has a majority stake in metaverse game The Sandbox. The company received a valuation of $2.2 billion during a $65 million funding round in October.
Read more: Grayscale Says Metaverse Is a Trillion-Dollar Market Opportunity
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