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Metaverse VC Roundup: Animoca Brands Raises $100M for Web3 Expansion

Boardroom’s latest Metaverse VC Roundup also includes fundraising updates from Arpeggi Labs, Internet Game, and more.

The Block Research found that venture funding for NFT and gaming companies rose by 66% in August.

We called out the recent jump in Web3 gaming investments, and earlier this week, prominent NFT project Doodles closed a $54 million funding round at a $704 million valuation. The Block predicts that the non-fungible token and gaming sectors may be the first to make a full recovery from the crypto winter.

This list of Web3 venture capital investments shows that gaming companies are still bringing in the most funding.

Here’s the latest edition of Boardroom’s biweekly Metaverse VC Roundup.

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Arpeggi Labs: $5.1M to build Web3 music software

Arpeggi Labs, a Web3 startup that’s using blockchain technology to build collaborative music software, closed a $5.1 million seed round led by Andreessen Horowitz.

Arpeggi is working to leverage decentralized tech to develop a suite of open-source music creation tools. Arpeggi said on Twitter that anyone can create, publish, and remix any audio using platform. The company’s seed round included investments from musical artists such as Steve Aoki, Wyclef Jean, and 3LAU.

Animoca Brands: $100M for continued expansion

Animoca Brands closed a $110 million strategic investment round with participation from GGV Capital, Truw Global Ventures, Boyu Capital, and more. The gaming software company will use the new capital for investments, acquisitions, product development, and intellectual property licenses.

This announcement comes after Animoca Brands Japan raised $45 million from its parent company, Animoca Brands, and Japan’s largest bank, MUFG Bank, to work on its local Web3 efforts.

Revolving Games: $25M for Web3 video games

Revolving Games, a blockchain-based game development company, raised a total of $25.2 million across its pre-seed and seed funding rounds.

Pantera Capital, Dapper Labs, Polygon, Animoca Brands, and Rockstar Games co-founder/producer Dan Houser are among some of the key investors that participated in the rounds. The company specializes in video games and plans to use the capital to develop original, decentralized Web3-powered games over the next two years.

Internet Game: $7M to build crypto-based HQ Trivia

A Web3 project called Internet Game closed a $7 million seed round with investments from HQ Trivia co-founder Rus Yusupov, Delphi Digital, Dragonfly Capital, Gmoney, Magic Eden co-founder Zedd, and more.

The company describes itself as “HQ Trivia meets NFTs.” Internet Game reinvented the 2018 daily trivia game known for its 15-minute trivia shows via a free app, awarding split cash prizes to players around the world.

Internet Game’s business model works a bit differently than HQ Trivia’s. Players have to purchase game token NFTs to stake for participation in the company’s games. Players also get to vote on the grand prizes, which include high-level NFTs from collections like Doodles, Azuki, and Bored Ape Yacht Club.

Internet Game launched its second season this month and plans to use the fresh funding to continue hosting games and purchasing NFTs to award to players.

More Investments

  • LA-based Stacked raised $13 million to develop a Twitch-like video streaming platform for Web3 users.
  • Web3 startup SpiceAI closed a $13.5 million seed round led by Madrona Venture Group.
  • GoGoPool, an Avalanche-based decentralized staking protocol, closed a $5 million seed round with investments from Coinfund, Framework Ventures, and more.
  • Crypto developer platform Thirdweb secured a $24 million Series A at a $160 million valuation.
  • GoldSky, a data infrastructure for Web3 startups, raised $20 million in funding co-led by Dragonfly Capital and Felicis.
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