NFT metaverse platform The Sandbox scores $10m

The Sandbox, an open NFT metaverse platform, announced that it received $10 million in funding from Singapore-based True Global Ventures.

It has raised a total of $93 million in this Series B round.

True Global Ventures invested in the platform through its blockchain fund TGV 4 Plus, which was launched in 2019 and hit the final close at $100 million this September.

Sandbox said it will utilise the fresh funding to strengthen its platform as an entertainment destination where businesses, intellectual properties, and celebrities can interact with their followers through virtual experiences such as games, live events, and social media.

Owned by global game developer Animoca Brands, the Series B round funding was led by SoftBank Vision Fund 2. This marks its maiden investment into crypto assets.

Animoca Brands, SCB 10X, Liberty City Ventures, Galaxy Interactive, Kingsway Capital, LG Technology Ventures, Polygon Studios, and Samsung Next also co-invested.

This is not the first time that True Global Ventures has invested in the platform.

It has been a shareholder since a $2 million funding round in 2019. It also has a stake in Animoca Brands, a global “play-to-earn” blockchain gaming and NFTs developer.

Launched in 2012 by serial entrepreneurs Arthur Madrid (CEO) and Sebastien Borget (COO), the platform started as a 2D metaverse game with more than 40 million players worldwide.

After its acquisition of Animoca Brands in 2018, it developed a metaverse built on the Ethereum blockchain. Players and creators are offered a decentralised and intuitive platform to create immersive 3D worlds and game experiences and safely store, trade, and monetise their creations.

Meanwhile, with the closing of its $100 million fund, TGV said it would invest in around another 10-20 companies with cheque sizes ranging from $3 million to $10 million.

Established in 2010 by serial entrepreneurs-turned-investors, TGV targets blockchain startups operating in entertainment, infrastructure, financial services, data analytics, and artificial intelligence (AI), focusing on late-stage Series B and C companies.