Saturday, May 21, 2022

Heavy Global VCs Temasek and Tencent Back NFT Gaming Startup Immutable in $280 Million Series C

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Sydney NFT gaming startup Immutable has raised $280 million in a Series C that values ​​the company at $3.5 billion.

The round was led by Singaporean sovereign fund Temasek, with backing from Hong Kong-based gaming software company Animoca Brands, as well as Chinese video game giant Tencent. New investors include ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global. Existing backers King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research hit the EFT button again.

The new capital comes less than six months after Immutable raised $82 million to ramp up its Ethereum-based NFT trading platform.

Immutable says the funds are earmarked for global expansion, strategic investments in the Immutable X platform and more staff. The company now has 165 employees and plans to hire an additional 200 new employees worldwide over the next 12 months in sales, marketing, engineering and product.

Immutable was founded in 2018 by 20-year-old brothers James and Robbie Ferguson.

The duo created a Layer-2 scaling solution for NFTs on Ethereum in April of this year, called Immutable X.

Immutable CEO James Ferguson said the funds will also be used to scale to meet increasing demand for his platform and to expand into new verticals, support gaming partners, acquire new customers and explore M&A opportunities.

“Immutable is committed to developing a leading, ambitious and reliable web3 ecosystem for a new era of creators who desire scalable results in the world’s fastest growing industry,” he said.

“Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth. We are also delighted to welcome new members of the executive team who will assist in executing our aggressive business and growth plans.”

NFT integration gives users the ability to buy, sell, trade and earn low-cost in-game assets on the Immutable X platform. Immutable offers zero gas fees for trading and minting NFTs that are carbon neutral.

To bolster its plans, the company has filled its C-suite with four new employees.

Last month, GameStop announced a strategic partnership with the startup to launch its new NFT marketplace on the Immutable X platform. The partnership includes $140 million in co-funding to invest in NFT gaming projects.

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