Key takeaways:
- Animoca Brands-owned The Sandbox is reportedly trying to raise $400 million in new capital from new and existing investors
- The company raised $93 million last November in a Series B funding round led by SoftBank
- The Sandbox hit the 2 million registered users milestone in March
The Sandbox seeks to raise $400 million from private investors
One of the leading companies leading the blockchain gaming revolution, The Sandbox, is reportedly trying to raise $400 million in new capital from private investors. According to Bloomberg which first reported the news, the Sandbox team is looking to raise new funds at $4 billion valuation from new and existing investors.
While there is currently no exact timetable or list of potential investors publicly available, the new fundraise will far surpass the cumulative value of the company’s previous financing rounds. Per Crunchbase, The Sandbox has raised $95 million in total in the previous four funding rounds. The vast majority of collected funds ($93 million) was raised in last November’s Series B round that was led by SoftBank.
The Sandbox is an open-world metaverse that allows users to collect, sell and buy non-fungible token (NFT) items and participate in various gaming and social events. The game was bought in 2018 by Animoca Brands, one of the leading blockchain gaming and venture capital companies in the world.
Over the last year, a number of prominent investors, financial institutions, and celebrities joined the growing metaverse. Case in point, Warner Music, Ubisoft, Adidas, Deadmau5, Steve Aoki, and many more have set up their digital outposts in the rapidly growing virtual world in recent months.
The blockchain-powered game hit the 2 million registered users milestone amidst the season 2 alpha launch in early March. At the time, the Sandbox team said more than 5 million SAND had been distributed in the game’s first season, which attracted more than 200,000 visitors
The platform’s native utility token SAND has responded to the news with a significant price rally. At press time, SAND is changing hands at $2.95, up more than 12.5% in the last 24 hours.
