What bear market? Web3 firm Animoca Brands notches year of financial growth and expansion
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Animoca Brands, a top web3 firm focused on gaming, digital property rights and the open metaverse, has announced particularly robust results for 2022.
Hang on, 2022 was a year the crypto market would rather forget, wasn’t it?
Maybe so, and the bear market remains in 2023, but the true builders have kept on building and growing with an eye to a web3-dominant future.
You can count Animoca Brands among the leading builders and project incubators in the blockchain space. The proof is in the web3-themed pudding and on the balance sheets via newly released unaudited financial and business highlights for calendar year 2022.
Notably, for the fiscal year ending Dec 31 2022, the company recorded a major increase in bookings – A$594 million, up more than A$160m, from A$428 in the previous year.
‘Bookings’ is a measure of sales activity and includes, for example, token sales, NFT sales, and various other activities.
The company also noted cash and stablecoin balances of A$286 million and strong financial performance right across its stable of business entities, including The Sandbox, REVV Motorsport, GAMEE, nWay, Blowfish Studios, Grease Monkey Games and more.
One of the most recognisable names in the nascent but growing industry, Animoca Brands’ reach is wide across the global blockchain space: it boasted a minority investment portfolio of over 380 companies as at end of 2022.
Animoca consolidated and expanded its market presence in 2022, launching Animoca Brands Japan as well as acquiring no less than six companies globally.
Those included the Melbourne-based Grease Monkey Games; AAA-industry-veteran-helmed Life Beyond Studios (previously Darewise); Notre Games; edtech platform TinyTap; music-metaverse firm PIXELYNX and Aussie digital marketing outfit Be.
Adding to this, Animoca Brands developed a new web3-specialist division to help advise both the company’s web2 and web3 businesses on crypto-and-blockchain-centric business models – such as token and NFT implementation.
This helped bring in roughly US $120 million into total bookings across the entire business.
On top of this, Animoca Brands had a stellar year in the equity and convertible debt capital-raising stakes.
Equity was raised in two tranches, totalling US$434.2 million, while US$100 million was added to coffers through the convertible debt path.
Regarding the Japanese expansion, Animoca raised roughly US$10 million of funding in its seed round for its strategic subsidiary Animoca Brands Japan in January 2022 and US$45 million in August 2022.
Meanwhile, subsidiary Blowfish Studios raised US$19.3 million with a planet sale for its “AAA” web3 science fiction game Phantom Galaxies, while TinyTap launched and sold its first Publisher NFTs, pulling in US$228,000 and demonstrating how teachers can avail themselves of powerful new opportunities to make money off their work.
Animoca Brands will be hosting an Investor Day at The Ivy Ballroom in Sydney on September 11, 2023 starting at 9:45 am.
This event is designed to give participants an opportunity to meet and chat with members of the company’s executive committee, including co-founder and executive chairman Yet Siu, group president Evan Au yang, co-chief operating officer Minh Do and CFO Jared Shaw.
Leadership teams from Blowfish Studios and Be will also be there and taking part in the in-person-only event.
Interested investors can RSVP here, by September 4 2023.
This article was developed in collaboration with Animoca Brands, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.