Hong Kong-based blockchain gaming giant, Animoca Brands Corporation Limited, has unveiled a groundbreaking strategic partnership and investment deal with NEOM Company to drive Web3 development in alignment with the Saudi Vision 2030 initiative. Under this collaboration, Animoca Brands is set to receive a $50 million investment from NEOM Investment Fund, marking a pivotal step in fostering Web3 innovation.
NEOM, located in northwest Saudi Arabia, is a forward-thinking “living laboratory” dedicated to technology and innovation. Animoca Brands, which achieved a $6 billion valuation in July 2022, has now joined forces with NEOM to establish a hub in the region, nurturing local Web3 projects and advancing technological capabilities.
Thrilled to formally announce that @animocabrands is one of @NEOM Investment Funds (NIF) inaugural Investments which will further expand the vision and mission of Web3 and Digital Property Rights in the region including our key #metaverse initiatives including @TheSandboxGame… pic.twitter.com/nERgTsoHit
— Yat Siu (@ysiu) October 30, 2023
The investment is divided into two parts: $25 million will be channeled into Animoca Brands through convertible notes at a conversion cap price of A$4.50 per share. The remaining $25 million will be used to purchase Animoca’s shares on the secondary market.
Yat Siu, the co-founder and executive chairman of Animoca Brands, expressed excitement about the partnership, noting that NEOM is one of the most ambitious projects aiming to reshape living, working, and playing through innovation and technology. This collaboration highlights the potential for NEOM to become a pioneering region in fully harnessing the power of blockchain, paving the way for significant advancements in the Web3 ecosystem.
