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The game, platform, and metaverse known as The Sandbox is considering raising roughly $400 million in fresh capital, which would value the platform at more than $4 billion, according to a Bloomberg report.
Owned by software and venture firm Animoca Brands, The Sandbox is looking to raise the capital from new and existing investors with plans to use the funds to expand its workforce and make acquisitions. No details have been finalized, and the size of the round could depend on how the opportunity is received by potential investors.
The desire to secure fresh capital follows The Sandbox raising $93 million in a Series B funding round last November. It was led by SoftBank’s Vision Fund 2 — its first investment in crypto assets — and included Liberty City Ventures, Samsung Next, and other investors.
- The Sandbox has 2.2 million registered users as of April 4.
- Since January, the platform has partnered with Ubisoft and Warner Music Group.
Animoca Brands acquired mobile game studio Pixowl, the developer of “The Sandbox” game in 2018 for $4.9 million. In January, Animoca Brands raised $360 million, valuing the firm at $5.4 billion. To date, the Hong Kong-based company has raised roughly $700 million in total capital.
Banking on the Metaverse
In March, investment bank and financial services company HSBC announced it is acquiring a plot of land in The Sandbox metaverse as a way to connect with sports and gaming enthusiasts.
In February, another banking giant — JPMorgan Chase & Co. — opened a virtual lounge in Decentraland, a browser-based virtual 3D world platform.
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