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Funding
The Sandbox raises USD 20 million in convertible debt funding at USD 1 billion valuation
Web3 Ecosystem
Jun 6, 2024
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Web3 Ecosystem

Web3 Ecosystem

Jun 6, 2024

The Sandbox raises USD 20 million in convertible debt funding at USD 1 billion valuation

Funding

  • The Sandbox, a decentralized gaming virtual world and business unit of Animoca Brands, has secured USD 20 million in a convertible debt funding round at a USD 1 billion valuation. The round was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures.

  • The proceeds from the funding round will be used to advance The Sandbox's ambition of building a decentralized virtual world, which combines culture and gaming with active community participation.

  • The Sandbox, which launched its alpha version to the public in November 2023, recently celebrated a milestone of 1,000 user-generated experiences published on its virtual map. It also boasts over 5.7 million user accounts connected to crypto wallets. Additionally, The Sandbox is developing a mobile version of its decentralized metaverse, which is expected to launch in 2025.

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