Animoca Disputes Rumors of $200M Metaverse Fund Cut

SNEAK PEEK

• Animoca Brands denies scaling back Metaverse fund target amid market volatility.
• Animoca Brands remains committed to the original $1 billion fund target.
• Yat Siu emphasizes the importance of credible sources in news reporting.

Animoca Brands, the prominent venture capital firm and Web3 game developer has denied allegations of scaling back its Metaverse fund target by $200 million amidst recent market volatility and instability in the banking sector. In addition, a recent report by Reuters revealed that Animoca Brands halved its $2 billion Metaverse fund target in January and recently reduced it further from $1 billion to $800 million. 

However, Animoca Brands has refuted these claims, stating they remain committed to their original target of raising $1 billion for the Metaverse fund. Further, while acknowledging the impact of the banking collapses in the United States, the firm is confident it will meet its fundraising goals and support promising startups in the blockchain space.

In response to the leaked information, reports indicate that Yat Siu, the co-founder and chairman of Animoca, addressed the issue by remarking that using anonymous sources makes it difficult to determine the identities and motivations of those behind the leak. 

Siu further expressed his disappointment with the lack of transparency in such situations, which leads to doubts about the accuracy of the information. His comments indicate that he considers using credible sources essential in ensuring the reliability of news and information.
In relation to the news, sources indicate that the fund was established in November to provide funding to companies in their middle to late stages of development focused on the Metaverse. During that time, Yat Siu stated in an interview with Nikkei Asia in Tokyo that the fund had a target of $1 billion to $2 billion, which would depend on the amount of capital raised.