True Global Ventures Pumps $38M Into Web3 Leader Animoca Brands

By September 22, 2022The Sandbox
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Image source: TGV

True Global Ventures (TGV) has invested an additional $21 million in Animoca Brands. The early-stage focused venture capital firm had previously invested $17 million in the leading web3 company, bringing its investment to $38 million.

According to the announcement, TGV also participated in Animoca Brands’ recent $110 million fundraising led by Temasek.

The web3 venture capital firm has collaborated with up to 20 partners across the globe and all have the same vision with Animoca Brands of creating the open metaverse through web3.

Commenting on his company’s investment in the Hong Kong-based company, TGV General Partner Kelly Choo said: “We are happy to invest at scale in Web3, in a leading company like Animoca.”

TGV has backed Animoca Brands since the blockchain investment company’s early beginnings in the space back in 2019.

TGV General Partner Dušan Stojanović added: “This is the largest investment TGV has ever done in one company as we see a large growth potential coming with massive adoption. With the Follow on fund newly set up, we invest in the best among our 15 portfolio companies in the TGV 4 Plus base Fund.”

The company has also invested in several leading web3 projects including Forge Global, Chromaway, Coinhouse, GCEX, Chronicled, Enjinstarter, Iomob, Dedoco and Animoca Brands’ metaverse subsidiary The Sandbox among others.

Speaking during TGV’s 62nd conference in Paris last week, Yat Siu, the co-founder and executive chairman of Animoca Brands said: “TGV has been a friend and wonderful supporter of the company and its ecosystem such as The Sandbox since 2019 and we are honoured that they continue to support Animoca Brands and its vision to deliver true digital property rights to the world!”

TGV said it will keep options open for more investments in late-stage web3 projects if the opportunities arise.

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