NFT Layer-2 Protocol ImmutableX Raises $200M in New Funding

Godfrey Benjamin  Mar 08, 2022 16:15  UTC 08:15

2 Min Read

Immutable X, an Ethereum-based layer-2 Non-Fungible Token (NFT) token platform, has announced the completion of its Series C funding round. It raised the sum of $200 million from leading investors in the space.

As announced by the startup, the funding round was led by Temasek, with participation from leading blockchain game juggernaut Animoca Brands and technology company Tencent. Other investors include ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset, Liberty Global etc.

The Series C round effectively brings the valuation of Immutable X to $2.5 billion. The funding raised will bolster the ongoing growth on the Immutable X platform while also scaling the Immutable Gaming Studio. Amongst the direct products, the startup will be building on more is its Gods Unchained game, one of the largest blockchain games by the number of active players.

"Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world's fastest-growing industry," said James Ferguson, CEO, Immutable. "Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth. We are also excited to welcome new executive team members who will help execute on our aggressive business and growth plans." 

The funding will also be diverted into hiring more talent globally as it looks to register its presence on the global scene. Immutable X is building out its ecosystem as it recently inked a partnership with Gamestop, as reported earlier by Blockchain.News. In its bid to advance its role in the gaming world and the broader Web3.0 ecosystem, the platform will ride on its growing network of partners to ink more related deals soon.

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