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Following the startupâs partnership with Gamestop, the Sydney-based blockchain firm Immutable announced it raised $200 million in a Series C financing round led by Temasek. The company is now valued at $2.5 billion and Immutable plans to use the funds to scale the startupâs gaming studio.
Immutable Raises $200 Million, NFT Startup Aims to Bolster Gaming Studio
On Monday, the blockchain company Immutable revealed it raised $200 million from investors in a Series C funding round. The financing was led by Temasek alongside other participants including Tencent, Animoca Brands, Mirae Asset, and Airtree Ventures.
The team plans to leverage the funds to scale the gaming studio and improve its non-fungible tokens (NFT) technology on Ethereum. Immutableâs website claims the project provides âzero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise.â
Speaking exclusively with Reuters, James Ferguson, Immutableâs chief executive told the news agency that investing firms understand the platformâs potential.
âImmutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the worldâs fastest-growing industry,â Ferguson said. âOur 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.â
The $200 million capital raise brings Immutableâs overall valuation to $2.5 billion, according to the startupâs press statements. Last September, Immutable worked with the social media company Tiktok and during the first week of February 2022, Immutable revealed a partnership with Gamestop.
After the company inked a deal with Gamestop, the platformâs native token immutable x (IMX) jumped 35% higher. At the time of writing, following the Series C financing round, immutable x (IMX) has gained 26.1% against the U.S. dollar and 29.5% against bitcoin (BTC).
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