Animoca Brands Raises $20 Million for The Sandbox, Valuing Subsidiary at $1 Billion Amid Expanding Metaverse Initiatives

Animoca Brands and its subsidiary Bacasable Global, operators of The Sandbox metaverse platform, have successfully secured $20 million in a funding round, achieving a valuation of $1 billion. This round saw contributions from prominent investors including Kingsway Capital, LG Tech Ventures, and True Global Ventures, with the funds raised through convertible promissory notes. These notes offer investors the option to convert their investments into equity in Bacasable Global under the same terms as the existing preference shares. This fundraising event marks a significant milestone for The Sandbox, especially considering its ambitious valuation targets nearly two years ago when it sought