The True Global Ventures (TGV) 4 Plus Fund and Follow On Fund have invested in total $38 million including $16 million of secondaries into Hong Kong-based Wed 3 firm Animoca Brands during the second quarter and third quarter of 2022.
TGV said in a statement it has previously communicated an investment of $17 million, this means that it has invested an additional $21 million.
Animoca Brands recently raised a $110 million convertible led by Temasek, Bayou Capital and GGV, where TGV also participated.
TGV Partners across 20 cities around the globe support Animoca Brands’ mission to deliver digital property rights to the world’s gamers and Internet users, leading the play-and-earn model for the creators economy, and contributing to the Web3 Builders ecosystem of the open metaverse.
Globally, Animoca Brands has grown sales rapidly through its major business units including Yuga Labs / Ape Coin, The Sandbox, REVV ecosystem, Blowfish, Darewise (Life Beyond), and recently Tiny Tap. Animoca Brands has 380 investments in total.
TGV has been an early backer of Animoca Brands since early 2019. The company became a unicorn in May 2021.
“We are happy to invest at scale in Web3, in a leading company like Animoca,” said TGV General Partner Kelly Choo.
TGV General Partner Dušan Stojanović said this is the largest investment TGV has ever done in one company as we see a large growth potential coming with massive adoption.
“With the Follow on fund newly set up, we invest in the best among our 15 portfolio companies in the TGV 4 Plus base Fund,” he added.
Animoca Brands Co-Founder and Executive Chairman Yat Siu said TGV has been a friend and wonderful supporter of the company and its ecosystem such as The Sandbox since 2019.
“We are honored that they continue to support Animoca Brands and its vision to deliver true digital property rights to the world,” he added.
Besides Animoca Brands, the TGV 4 Plus base fund has also invested in other leading companies such as The Sandbox (a subsidiary of Animoca Brands), Forge Global, Chromaway, Coinhouse, GCEX, Chronicled, Enjinstarter, Iomob, Dedoco and others.
TGV 4 Plus Follow on Fund focuses on investing a majority of its capital into selected TGV 4 Plus base fund companies. The TGV 4 Plus Follow On Fund will consider making additional investments in other late stage Web3 deals as the opportunities arise.
Animoca Brands is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.
The company develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E.
It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Grease Monkey Games, Eden Games, Darewise, Notre Game, TinyTap, and Be Media.
Animoca Brands has a growing portfolio of more than 340 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.