Immutable, an NFT Layer 2 startup, raises $200 Million in a Series C Funding round led by Temasek. The latest funding round brings its valuation to $2.5 billion.
The NFT platform provider also received investment from crypto gaming giant Animoca Brands and technology company Tencent. ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global also joined the round as new investors.
King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research all increased their existing investments in Immutable.
Sydney-based NFT startup will use the new fund to fuel global expansion, accelerate the company’s growth by investing in the Immutable X platform, and scale the Immutable Gaming Studio, including its flagship games Gods Unchained (one of the largest blockchain games by players) and Guild of Guardians.
Immutable leverages layer 2 liquidity solutions that bring scalability, affordability and power to the Ethereum NFT ecosystem. The protocol, powered by StarkWare’s StarkEx innovative technology, can process 9000 transactions per second (TPS) with zero gas fees, and offers easy on-and-off ramps in a carbon-neutral environment.
Immutable X, the NFT platform of Immutable, has already announced integrations with leading marketplaces such as OpenSea and Mintable, and is powering some of the largest NFT projects and games including Gods Unchained (the second largest blockchain game by players) Guild of Guardians, Ember Sword, ESL Gaming, GreenPark Sports, Illuvium, Vee Friends, TikTok and many more.
Immutable is the parent company of Immutable X and is a developer and publisher of leading NFT games, including Gods Unchained and Guild of Guardians. Immutable was founded in 2018 by James Ferguson, Robbie Ferguson and Alex Connolly.
Immutable is one of Australia’s fastest growing unicorns. It currently has 165 employees and plans to hire an additional 200 new employees globally over the next 12 months across sales, marketing, engineering and product.
Immutable will also use the funds to scale to meet the increasing demand for its platform and expand into new verticals, support gaming partners, acquire new customers, and explore M&A opportunities. Current companies building on Immutable X include GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports, and Gary Vee (Vee Friends).
NFT integration gives users true ownership and the ability to buy, sell, trade, and play-and-earn in-game assets. Immutable X is built using StarkWare’s StarkEx cutting-edge zero-knowledge proof technology, which rolls up hundreds of thousands of transactions into one while positioning users to safely secure digital assets directly on Ethereum. This enables Immutable to provide game developers and all NFT creators with unparalleled throughput and zero gas fees for trading and minting NFTs in a carbon-neutral environment, empowering them to create billions of low-cost, in-game assets that can easily be bought and sold.
Immutable also announced four new C-suite executives to support its global expansion plans:
- Gill Findlay, Chief Operating Officer, bringing experience as a partner from AirTree Ventures, and C-suite leadership from Vamp and Australian unicorn SafetyCulture.
- John Boris, Chief Growth Officer, bringing experience as CEO of IfOnly, CMO of Shutterfly, and C-suite leadership roles from LonelyPlanet and other leading US-based tech-enabled companies.
- Justin Hulog, Chief Studio Officer, bringing 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, bringing experience from her leadership position at Culture Amp and other leading Australian tech companies such as Unlockd and Catch.com.au.
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. 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.”
Earlier this month, GameStop announced a strategic partnership with Immutable to launch its new NFT marketplace on the Immutable X platform. The partnership includes a $100M co-fund between the juggernaut and startup, targeting the advancement of high-impact NFT gaming projects.
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