Published on: 08/03/2022
Leading carbon-neutral NFT trading platform Immutable to raise $200M to invest in blockchain gaming
Leading carbon-neutral and scalable NFT trading platform Immutable announced Monday that they had raised $200 million in Series C financing led by Singapore-based Temasek.
The Ethereum based scalable NFT trading platform saw its valuation increase to $2.5 billion with investors including leading blockchain game juggernaut Animoca Brands and technology company Tencent.
Also increasing their investments in Immutable were ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global also joined the round as new investors. King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures, and Alameda Research.
Immutable, Temasek partnership
“We’re thrilled to double down on our partnership with Immutable. We’re excited to explore integrations with Immutable X across Animoca’s portfolio of content – bringing next-level scale, security, and liquidity to the next generation of blockchain games,” co-founder and chairman of Animoca, Yat Siu said.
The company said it would use the capital to develop its Immutable X layer-2 scaling solution for nonfungible tokens (NFTs) on the Ethereum network and scaling Immutable Gaming Studio. Immutable’s gaming line is known for their flagship games Gods Unchained and Guild of Guardians. To provide game developers with zero gas fees and a carbon-neutral environment while also achieving scalability on Ethereum, Immutable X uses StarkWare’s StarkEx zero-knowledge proof technology.
According to Immutable co-founder and president Robbie Ferguson, Immutable strives to become the pioneer of NFT adaptation in gaming as the future of gaming is dependent on NFT economies.
“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” Ferguson said.
“Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth. We are also excited to welcome new executive team members who will help execute on our aggressive business and growth plans.”
The company also announced that they welcomed new executives as part of Immutable’s plans for “rapid global expansion”. The executives are Justin Hulog, former Riot Games general manager, as chief studio officer; Gill Findlay, AirTree ventures partner, as the chief operating officer; John Boris, former CEO of IfOnly, as chief growth officer; and Katherine Rau as chief people officer. Immutable also said that it will welcome an additional 200 new employees to its 165-person team this year.
“We are at a pivotal point in which the user experience creates a critical path to success for all emerging technologies, and Immutable’s platform makes building NFT businesses simple, cost-effective, and extremely easy to monetize,” said John Henderson of AirTree.
“We are excited to be on this journey to foster greater adoption of powerful technology that is poised to change the way digital games are played.”
Immutable is one of the many blockchains and crypto-focused companies that achieved the “unicorn” status last year. Earlier in February, a partnership with GameStop to grant game creators $100 million was announced.
It has been reported that TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary Vee’s Vee Friends were also building on Immutable X.