Animoca Brands raises $20M for The Sandbox metaverse

Animoca Brands, a developer of NFT and blockchain games, announced on its official website that its subsidiary Bacasable Global Limited, which operates the blockchain-based metaverse platform The Sandbox (SAND), has raised approximately $20 million in funding. The funding, capped at a valuation of $1 billion, was secured through convertible promissory notes led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. Investors holding the promissory notes have the "ability to convert into equity of Bacasable Global Limited at the same terms as existing preference shares." The Sandbox stated that the investment will be used to advance its vision and continuously improve revenue opportunities for content creators on the platform.