Key points to remember
- Immutable announced today that it has raised $200 million in a Series C funding round led by Singapore’s public investment firm, Temasek.
- The company will use the new capital for new hires and acquisition opportunities.
- Immutable is the developer behind Immutable X, a layer 2 scaling platform for NFTs on Ethereum, as well as play-to-earn blockchain games Gods Unchained and Guild of Guardians.
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NFT and gaming-focused crypto startup Immutable announced today that it has raised $200 million in a Series C funding round led by Singapore’s public investment firm, Temasek. The increase values the company at $2.5 billion.
Immutable gets $200 million
NFT and crypto gaming-focused scaling platform Immutable raised $200 million in a Series C funding round.
Immutable announced the increase of a storm of tweets monday. Singapore’s public investment firm Temasek led the round, while a host of top venture capital firms including ParaFi Capital, Alameda Research and Arrington Capital also participated.
The increase brings Immutable’s valuation to $2.5 billion, about six times higher than the $410 million valuation the company secured in its previous funding round in September 2021. The company said that it would use the new capital to hire more than 200 new employees over the next year, scale to meet growing demand for its NFT platform, expand into new verticals, and explore merger and expansion opportunities. ‘acquisition.
“NFTs are eating the world. Gaming will be the Trojan horse that means your family can trade and own digital assets, without them even knowing it,” Immutable co-founder and president Robbie Ferguson said on Twitter.
Immutable’s flagship product is Immutable X, an Ethereum-based layer 2 scaling protocol for NFTs. Immutable X leverages StarkWare’s ZK-Rollup solution, StarkEx. It provides a high-throughput trading environment with zero gas fees, instant trade confirmations, and instant withdrawals to Ethereum without sacrificing security. The team has also developed some of crypto’s most popular play-to-earn games, Gods Unchained and Guild of Guardians.
In February, the company partnered with the world’s largest video game retailer, GameStop, to support the launch of its NFT Marketplace alongside a $100 million fund dedicated to supporting blockchain game developers. Other notable companies that rely on Immutable’s Layer 2 scaling platform include TikTok, OpenSea, and Illuvium.
Disclosure: At the time of writing this article, the author of this article owned ETH, ILV, and several other cryptocurrencies.
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