Sources close to the matter have revealed that Hong Kong-based blockchain game developer, Animoca Brands, has scaled down its fundraising goal for its metaverse fund by 20 percent, settling on an $800 million target.
Initially, in November, Animoca Brands announced plans to launch a new fund called Animoca Capital, aiming to raise $2 billion. This target was later adjusted to $1 billion in January.
In July, Animoca Brands achieved a valuation of $6 billion following an investment from Temasek. Despite this significant valuation, the company’s shares are currently considered to be undervalued in secondary markets, with a market capitalization of less than $2 billion.
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