Following the startup’s partnership with Gamestop, the Sydney-based blockchain firm Immutable announced it raised $200 million in a Series C financing round led by Temasek. The company is now valued at $2.5 billion and Immutable plans to use the funds to scale the startup’s gaming studio.
Immutable Raises $200 Million, NFT Startup Aims to Bolster Gaming Studio
On Monday, the blockchain company Immutable revealed it raised $200 million from investors in a Series C funding round. The financing was led by Temasek alongside other participants including Tencent, Animoca Brands, Mirae Asset, and Airtree Ventures.
The team plans to leverage the funds to scale the gaming studio and improve its non-fungible tokens (NFT) technology on Ethereum. Immutable’s website claims the project provides “zero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise.”
Speaking exclusively with Reuters, James Ferguson, Immutable’s chief executive told the news agency that investing firms understand the platform’s potential.
“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.”
The $200 million capital raise brings Immutable’s overall valuation to $2.5 billion, according to the startup’s press statements. Last September, Immutable worked with the social media company Tiktok and during the first week of February 2022, Immutable revealed a partnership with Gamestop.
After the company inked a deal with Gamestop, the platform’s native token immutable x (IMX) jumped 35% higher. At the time of writing, following the Series C financing round, immutable x (IMX) has gained 26.1% against the U.S. dollar and 29.5% against bitcoin (BTC).
What do you think about Immutable raising $200 million in a Series C financing round? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer