The Sandbox parent company, Animoca Brands, secures $50 million investment from an Arab fund

The bull market has not yet arrived, so it is not easy for Animoca Brands to secure a large amount of financing during this period.

Animoca Brands Secures $50 Million Investment from Arabian Fund

According to the official announcement by Animoca, the company has established a strategic partnership with investment fund NEOM. NEOM will invest $50 million in Animoca, with $25 million in the form of convertible notes and another $25 million to purchase Animoca shares in the secondary market.

Animoca will deploy relevant infrastructure in the Arabian region:

• Establish a center within NEOM to incubate the Web3 ecosystem

• Introduce Animoca, subsidiaries, and partners

• Leverage Animoca's extensive investment portfolio

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

NEOM's Fund has Strong Backing

The fund, "NEOM Investment Fund NIF," is established by Neom's subsidiary NEOM Tech & Digital, led by Crown Prince Salman bin Abdulaziz Al Saud of Arabia.

NEOM recently announced 14 priority areas for development, focusing on growth companies and startups. They aim to establish joint ventures and partnerships with multinational corporations, institutional investors, and invest in global tech startups through acquisitions, venture capital, and other means.

On October 25, NIF announced a new round of investments in the following companies:

• Pony.ai

• Regent

• BlueNalu

• Animoca Brands

• Boom Technology