Web3 giant Animoka expands brands beyond gaming, oversees October investments

Animoka Brands – the Hong Kong-based web3 giant – dominated the venture landscape in October, showing a wide range of ambitions across a range of sectors.

Messari reports that Animoca has made nine investments, compared to CMS Holdings, which has made seven, and Hack VC with six.

Animoka brands will push the limits of the venture in October

Traditionally known for its focus on gaming and digital collections, Animoka has broadened its horizons this month. According to Messari, the firm has dipped its toes into areas such as Decentralized Finance (DeFi), Decentralized Physical Infrastructure (DePIN), Artificial Intelligence (AI) and more.

Behind Animoka are Ekram Ahmed of Celestia and Mert Mumtaz of Helios Labs, both of whom contributed significantly with five investments each. Next up was the Andreessen Horowitz Crypto Startup Accelerator (CSX) program and Anagram Crypto recorded five investments each in October.

In addition, Robot Ventures, Hashkey Capital and UTXO each participated in five investments, underscoring the trend among firms to diversify their portfolios across sectors.

Animoka development so far

Animoka Brands has positioned itself as a leading investor in the Web3 space. Although the exact time is not known, the company is said to be preparing to go public. The decision largely depends on “market conditions,” among other things, chairman Yat Siu said.

Although Animoka went public earlier this year, Siu stressed that this ambition has been long-standing. A report in June suggested the listing could take place in Hong Kong or the Middle East, with Siu citing Hong Kong as a “strong contender” as the company's headquarters are located there.

Although 2024 looks promising, Animoca, like the broader crypto industry, faces a challenging year in 2023. The Web3 giant has raised its ambitions for its Metaverse fund by cutting its target from $2 billion to $800 million as it grapples with layoffs.