Immutable, the scalable, zero-emissions platform for trading NFTs on Ethereum, has raised $200 million in Series C funding, bringing its valuation now to $2.5 billion.
The capital will be invested to fuel the startup’s global expansion plans, as well as in Immutable X and Immutable Gaming Studio, including its flagship games Gods Unchained.
Immutable NFT and the $200 million Series C funding round
In a series of tweets, Australian unicorn Immutable tells followers and non-followers alike that it has closed its $200 million Series C funding round.
1/ Major news: we’re thrilled to announce @Immutable has raised $200M in Series C funding @ $2.5B val.🎉
— Immutable | $IMX (@Immutable) March 7, 2022
“Major news: we’re thrilled to announce Immutable has raised $200M in Series C funding at $2.5B value. We’re supercharging our mission to make NFTs mainstream through high-quality blockchain games (and more)”.
Basically, the $200M funding was led by Temasek, with investments from Animoca Brands, a leader in blockchain gaming, and tech company Tencent.
Furthermore, according to reports, there were new names participating in the funding for Immutable such as ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global. While, the existing King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research would increase their participation.
The goals of the $200 million funding
Following Immutable’s tweets, the goal of this $200 million funding will be focused on:
- Global expansion with over 200 new hires in 2022;
- Meeting the growing demand for Immutable X & partners;
- Expanding Gaming Studio content, with Gods Unchained and Guild of Guardian.
Speaking about this, James Ferguson, CEO, Immutable said:
“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”.
To support its rapid global expansion plans, Immutable has hired four new C-suite executives, including:
- Gill Findlay, Chief Operating Officer, who brings experience as a partner at AirTree Ventures, and C-suite leadership from Vamp and SafetyCulture, Australian Unicorn.
- John Boris, Chief Growth Officer, who brings experience as CEO of IfOnly, CMO of Shutterfly, and C-suite leadership roles from LonelyPlanet and other leading US-based companies.
- Justin Hulog, Chief Studio Officer, who brings experience from Riot Games, where he was General Manager, Southeast Asia, and Say Media where he held several key leadership roles.
- Katherine Rau, Chief People Officer, who brings experience from her leadership position at Culture Amp and other leading Australian tech companies such as Unlockd and Catch.com.au.
Layer 2 on Ethereum for Non-Fungible Tokens
Immutable had launched its Layer 2 for NFTs on Ethereum last April 2021, with the aim of zeroing out transaction fees (i.e. gas), while maintaining custody of the tokens, with fast and secure transactions.
Layer 2 has been named Immutable X Alpha, designed to promote mainstream adoption of NFTs by offering gas-free minting and trading, self custody and an easy user experience.
Immutable is also the creator of Gods Unchained, one of Ethereum’s highest-grossing trading card blockchain games.