Animoca Brands, a global app developer leveraging popular brands, gamification, AI, blockchain, and mobile technology, today has updated the market that it was unable to issue via the Australian Securities Exchange (ASX) owing to the concerns raised by ASX.
Due to this, Animoca Brands informed that its wholly-owned subsidiary TSB Gaming Ltd. has executed agreements between July and September 2019 to raise USD $2.01 million, consisting of 83% in cash and 17% in bitcoin and Tether cryptocurrency at the time of the transaction, through the issue of ‘SAND’ utility tokens and simple agreement for future equity (SAFE) convertible securities. SAND will be utilized in the upcoming blockchain version of The Sandbox user-generated content game platform.
The investment was led by Square Enix, B Cryptos, Mindfulness Capital, and True Global Ventures.
“The Sandbox is a pioneer in the space of blockchain gaming, NFTs, and true digital ownership, and we are thrilled to have Square Enix with us as a strategic investor, supporting our ambitious vision of building the Metaverse where Creators can make games on their LANDs and trade ASSETS on our marketplace in a totally decentralized manner.”
– Sebastien Borget, COO of Pixowl and of TSB Gaming
Investors
Square Enix develops, publishes, distributes and licenses Square Enix, Eidos and Taito branded entertainment content around the world. The Square Enix group of companies includes a global network of leading development studios and boasts a valuable portfolio of intellectual property.
“Like multiple generations, we grew up playing amazing games such as Space Invaders, Final Fantasy, and Arkanoid, and so it’s a special privilege and honor that the legendary game company Square Enix has invested in The Sandbox. Together with the investment from B Cryptos, we are now closer to bringing The Sandbox to the Japanese market.”
– Yat Siu, co-founder, and chairman of Animoca Brand
B Cryptos is Japan’s first FSA-licensed (Licensed Financial Institutions) investment fund that focuses on blockchain startups and encrypted digital assets. B Cryptos is partnered with B Dash Ventures, one of Japan’s top-performing venture capital firms; Liquid Group, an FSA-licensed Japanese cryptocurrency exchange with global service coverage; and ICON, a global interchain project aiming to create an environment for real-world use of blockchain technology.
“The Sandbox universe that Animoca Brands is creating is in line with how we see entertainment and new technologies coming together to create a new entertainment experience and expand the role and impact of entertainment in future society. In a narrower sense, we see The Sandbox as one of the catalysts that will shed new light on the underlying technologies (including blockchain) that make such innovative experiences possible. We look forward to supporting The Sandbox on its journey and have high expectations for where that journey leads.”
– Hiro Motoyoshi, CEO of B Cryptos
TGV is a distributed ledger technology (DLT) equity fund licensed under the Monetary Authorities of Singapore as a venture capital fund that invests in serial entrepreneurs across four verticals in over 30 cities. Founded by a group of serial entrepreneurs turned investors, TGV has a footprint of over 80 investment partners including seasoned GPs of VCs, top corporate executives, and family offices that help accelerate TGV’s portfolio companies globally.
Transaction Details
Between July 9, 2019, and September 19, 2019, TSB Gaming raised USD $2.01 million by the issue to the Investors (including Square Enix, B Cryptos, Mindfulness Capital, and TGV) of a total of 288,194,444 SAND tokens and SAFE (simple agreement for future equity) notes.
In May 2019, TSB Gaming received a total investment of approximately USD $2.5 million in cash and cryptocurrency via the issue of SAFE convertible securities and SAND utility tokens. The SAND utility token confers no equity or ownership rights in Animoca Brands, TSB Gaming Ltd., or The Sandbox.