Sydney-based startup Immutable X realized $200 million in a Series C funding round led by Temasek. According to the announcement made today, the fund raised is targeted towards expanding the firm globally and speeding up the rate of Immutable X’s growth.
This round enjoyed investment collaboration from Animoca Brands and Tencent, a Chinese technology-inclined firm. New investors like Arrington Capital, ParaFi Capital, and others joined the round while former investors like Alameda Research topped up their investments.
Immutable X is a pioneering platform for Non-Fungible Tokens (NFTs), concerned with enabling the minting and trading power of the digital asset at a high frequency, including the level of security and decentralization Ethereum provides. The platform is already known to backup major projects involving NFTs and video games.
Its recent acquisition was Gods Unchained and Guild of Guardian, a mobile video game developed by Immutable X which is yet to be published. Even the trending social media platform, Tik Tok was constructed on the Immutable X platform.
Immutable had engaged in a Series A and Series B funding series previously and $15 million and $60 million respectively were raised in the funding rounds. This Series C round has eventually raised the valuation of the firm to $2.5 billion with the $200 million raised ranking it amongst the global unicorns in the space.
Lofty Expansion For Immutable X
With this growth in valuation, the firm wishes to increase its labor force as expansion across its teams will begin to manifest. In about a year, the firm is expecting about 200 new hires, which will, in turn, more than double its current 165-man company.
So far, four key executives have been introduced to the team to speed up the ongoing expansion process. Gill Findlay, Justin Hulog, Katherine Rau, and Katherine Rau, are all top executives of their particular fields.
Immutable and other startups are globally gaining significance, and the funding rounds are happening globally, thereby expanding the space. NFT-inclined startup, Nested also recently concluded a Series A round in which $7.5 million was raised to expand DeFi trading tools.