Home News Avocado Guild raises $18M in a round led by Animoca Brands

Avocado Guild raises $18M in a round led by Animoca Brands

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Gaming blockchain company Avocado Guild announced the raising of $18 million during the Series A funding round. Animoca Brands and QCP Soteria Node led the funding round.

Three Arrows Capital, Solana Ventures, Polygon Studios, Hashed, Binance Smart Chain Growth Fund and other investors took part in the round. Thus, according to CoinDesk, the financing brought the startup’s valuation to $200 million.

Furthermore, the company is the operator of a gaming guild that unites gamers in blockchain games based on the Play-to-Earn (P2E) model. Similar platforms provide non-fungible token (NFT) loans to participants so that they can enter games such as Axie Infinity. In return, the company receives a portion of the player’s income.

Expecting to increase the program participants to more than 10K

The CEO and co-founder of Avocado Guild, Brendan Wong, in an interview with the publication, described the guild as a “metaverse of metaverses”. Because it allows players to participate in a variety of virtual worlds.

Moreover, the startup supports a scholarship program that includes 7,000 participants, mainly from the Philippines and Indonesia. The fellows receive loans of NFT assets that Avocado buys from other gaming companies. In addition, the startup is entitled to 50% of the in-game income of the program participants. By the end of the year, the company expects to increase its number to more than 10,000.

According to Wong, Avocado plans to expand operations to more P2E games by acquiring NFT and land in their virtual worlds.

Creating an open metaverse

Recall that earlier in October, Animoca Brands raised $65 million. Therefore, the company’s pre-money valuation reached $2.2 billion. Investors included Tron founder Justin Sun, Liberty City Ventures, Ubisoft Entertainment, Sequoia China, Dragonfly Capital, Com2uS, Kingsway Capital, 10T Holdings and others.

Previously in November, The Sandbox closed a $93 million funding round, led by SoftBank’s Vision Fund 2. True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Animoca Brands and others participated in the investment.

“We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first”. Said Sebastien Borget, co-founder and COO of the project. Since 2018, Animoca Brands acquired Pixowl, the developer behind The Sandbox.

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