NEOM is set to invest $50 million in Animoca Brands as Animoca supports the region’s Web 3.0 and technology goals as part of Saudi Arabia’s 2030 Vision.
Hong Kong-based game developer and venture capital company Animoca Brands Corporation Limited has announced a strategic partnership with Saudi Arabia’s NEOM Investment Fund. The two entities are collaborating to advance the Saudi Vision 2030 plan, with Animoca Brands providing Web3 services and handling related initiatives. NEOM is a region in the northwestern region of Saudi Arabia.
According to an official AnnouncementNEOM Investment Fund is proposing to invest $50 million in Animoca Brands. The announcement said $25 million would be invested through convertible notes priced at A$4.50, while the other half would be used to purchase Animoca shares in the secondary market. The agreement will include the creation of Animoca Web3 services with global commercial applications to further NEOM’s plans to become a technology hub.
Majid Mufti, CEO of NEOM Investment Fund, expressed his excitement over the partnership. The CEO assured that the company considers the development of Web3 technology and infrastructure important. Mufti also said that the benefits of the partnership are essential to NEOM’s technology stack and architecture and have the potential to revolutionize global industries.
Yat Siu, executive chairman and co-founder of Animoca Brands, said the company is excited to work with NEOM. Siu noted:
“We are honored and excited to partner with and receive investment from NEOM, one of the world’s most ambitious projects that is harnessing innovation and technology to redefine the way we live, work and play. want to use. We have always referred to the development of the Web3 ecosystem as the emergence of a new meta-nation, and now NEOM may become the first region to fully utilize the power of the blockchain.
NEOM will invest in Animoca brands while the company has hands in several Web 3.0 firms
Animoca Brands has acquired Web3 streaming platform Azarus to leverage its game streaming offerings. However, the company did not disclose how much it spent on this deal. Nevertheless, Animoca is working on adding streaming capabilities to gaming titles in the Web3 space.
Animoca Brands raised $110 million last year, giving the company a valuation of $5.9 billion. company launched Last November, the $2 billion Metaverse Fund was created to invest in metaverse businesses. Animoca Capital, called Metaverse Fund raised $20 million last month for Mokaverse, its new metaverse project. The round was led by CMCC Global, with participation from multiple institutions. These include GameFi Ventures, Liberty City Ventures, Sky Mavis founder Alexander Larsson and Yat Siu, among others. Siu has previously noted that Animoca is primarily interested in companies that focus on the open metaverse. According to him, centralized firms are a threat to the open metaverse.
In addition to acquisitions and investments, the company has created a new offering to help crypto startups with specialized marketing. Powered by Animoca’s in-house digital assets team, crypto startups will have access to a range of services, including setting up nodes and hedging. The ten-member team also helps ensure adequate buy/sell liquidity for specific assets for better scalability and efficiency.

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip down the secrets of crypto stories to the basics so that anyone anywhere can understand without too much background knowledge. When Tolu is not deeply immersed in crypto stories, he enjoys music, loves to sing and is an avid film buff.
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