Saudi Fund Led by Crown Prince Salman Jr to Invest $50M in Animoca Brands

Hong Kong-based crypto gaming platform Animoca Brands has taken its Web3 business into Saudi Arabia through a strategic partnership with NEOM, an urban development in the country. As part of the collaboration, NEOM will invest a $50 million funding into the gaming company.

NEOM is a “living laboratory for entrepreneurship” initiated by Mohammed bin Salman (MBS), the Crown Prince and Prime Minister of Saudi Arabia. The NEOM project is part of the Saudi Vision 2030 plan.

NEOM to Invest $50M in Animoca Brands

As outlined in an official announcement, NEOM’s strategic investment arm, NEOM Investment Fund (NIF), will invest $50 million into Animoca Brands. An initial $25 million will be provided through convertible notes at a conversion cap price of $2.87 per share, while the remaining $25 million will be invested into purchasing Animoca’s shares on the secondary market.

Animoca Brand will collaborate with NEOM to develop new Web3 enterprise services geared towards supporting technological growth in the NEOM region and the country’s capital, Riyadh. A local hub will also be established within NEOM to nurture the Web3 ecosystem within Saudi Arabia. The latest initiative aligns with the Saudi Vision 2030.

Commenting on the partnership, Majid Mufti, CEO of the NEOM Investment Fund, said:

“We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has the potential to revolutionize global industries.”

Animoca Brands Expands Business

Founded in 2014, Animoca Brands evolved from simply being a gaming software company to being a leader in the blockchain gaming ecosystem. Led by its founder and executive chairman Yat Siu, the Hong Kong-based company has spread its tentacles across several platforms and markets, taking Web3 to new frontiers.

For example, the gaming platform has expanded into the Japanese market. In August 2022, Animoca Brands secured $45 million in its Japan-based subsidiary to promote Web3 technology.

Last month, the blockchain gaming platform raised $20 million to develop its dedicated metaverse platform, dubbed Mocaverse.