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Animoca Brands Cuts Web3 Fundraising Projection by 50%
Animoca Brands, one of the biggest metaverse firms and investors in today’s Web3 ecosystem might be tapering down its projected fundraising expectations billed for the first quarter of this year. Speaking in a Twitter Spaces interview with Bloomberg on Thursday, Yat Siu, co-founder, and chairman of Animoca Brands said the company is now looking to raise the sum of $1 billion from investors.
Projecting fundraising targets has always been a tricky one, especially at a time when the industry is experiencing one of its coldest winters in history. The projected fundraiser is billed for the new Web3 and Metaverse fund that was floated by Animoca Brands recently. The initial projection as revealed by Siu back in November was $2 billion, bringing the projection cut to 50%.
The collapse of the FTX Derivatives Exchange had a significant impact across the board. Animoca Brands was equally impacted by the collapse as about a doze
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