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NFT Layer 2 startup Immutable is raising $200 million, now valued at $2.5 billion.
Immutable, the startup behind NFT-focused scaling network Immutable X, has raised $200 million in a Series C funding round and is now valued at $2.5 billion.
Temasek, a Singapore-based public equity firm, has led Immutable’s funding round. Animoca Brands, Tencent, ParaFi Capital, Arrington Capital, Mirae Asset and Liberty Global also supported the round as new investors. Previous investors including Alameda Research, AirTree Ventures, Declaration Partners, and Fabric Ventures have also attended.
With fresh capital available, Australian-based Immutable plans to expand globally, scale its team and explore M&A opportunities. The company’s current headcount is 165 and plans to hire 200 more over the next 12 months for a variety of functions including sales, marketing, engineering and manufacturing.
Immutable also plans to bring in new customers for its Immutable X layer 2 network, built on StarkWare’s StarkEx technology. Immutable X is currently used by multiple platforms including OpenSea, TikTok and GameStop.
Animoca Brands also plans to use the network. “We are excited to explore integration with Immutable X in the Animoca content portfolio to bring a new level of scale, security and liquidity to next-generation blockchain games,” said Yat Siu, co-founder and chairman of Animoca.
To fulfill its global expansion plans, Immutable has also hired four senior executives. Gill Findlay has joined Immutable as Chief Operating Officer, who is also currently a partner at AirTree Ventures. John Boris became director of development, Justin Hulog became director of the studio, and Katherine Rau became director of human resources.
“Immutable is committed to developing a leading, ambitious and robust web3 ecosystem for a new era of creators who want scalable results in the world’s fastest growing industry,” said James Ferguson, CEO of Immutable. “Our investment partners understand the power and potential of the Immutable X platform and will play an important role in the next phase of our growth.”
As part of the Series C round, Immutable’s total funding has exceeded $277 million to date. Last September, the company raised $60 million at a $410 million valuation.
Cryptocurrency funding continues at a rapid pace. As The Block reported last week, February had the second-highest monthly investment in crypto history, a month after record-setting January.
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