Animoca Adds Hong Kong NFT Platform Ucollex to Portfolio
Animoca Brands is furthering its plunge into the blockchain space by injecting US$10 million into Hong Kong NFT-based platform Ucollex.
According to Ucollex, the new financing round values the company at US$110 million. Capital raised will go to developing the platform’s team and user experience.
Established in 2020, Ucollex serves as a marketplace that sells NFTs featuring toys and pop culture. The platform combines digital collectibles and entertainment through features including virtual artwork battles.
Co-founder Robert Tran previously cofounded local watch brand Undone and Nasdaq-listed marketing company iClick Interactive Asia. He now sees untapped potential in the collectors’ market.
“We believe there is still a lot to do to turn collectors from being passive supporters to becoming an integral and active part of the development process”, Tran said.
Raymond Hung, who founded Ucollex with Tran, served as the CTO of Undone as well as having worked at Microsoft Hong Kong for over a decade.
The Animoca deal is not the first partnership with a leading name that Ucollex has experienced. Last year, Ucollex teamed up with Binance and luxury brand Jimmy Choo to launch an NFT collection.
For Animoca, cofounder Yat Siu said the investment in Ucollex will facilitate IPs to participate in the metaverse.
MCP IPX One Fund – an investment fund from the Japanese branch of MCP Asset Management – also participated in the fundraising round.
Last month, Animoca Brands raised US$358.89 million from investors, giving it a private valuation of US$5 billion. The company has a portfolio of more than 150 investments in NFT-related companies and decentralised projects, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.