Over the next year, the firm expects to use the extra funding to hire over 200 new people and expand across all verticals.
Immutable, a blockchain startup focused on NFT and gaming, revealed today that it has raised $200 million in a Series C round sponsored by Singapore’s state-owned investment corporation Temasek. The increase places the company’s value at $2.5 billion.
Immutable Acquires a $200 Million Investment
Immutable, a scaling platform for NFT and crypto games, has raised $200 million in a Series C fundraising round.
Immutable revealed the increase in a tweet storm on Monday. Temasek, Singapore’s state-owned investment business, led the round, which was also joined in by a slew of big crypto venture firms, including ParaFi Capital, Alameda Research, and Arrington Capital.
Immutable is now valued at $2.5 billion, over six times the $410 million valuation it achieved in its previous investment round in September 2021. The company stated that it intends to use the additional money to hire over 200 new workers over the next year, scale to meet growing demand for its NFT platform, expand into new verticals, and pursue merger and acquisition opportunities.
“NFTs are consuming the planet. Gaming will act as a Trojan horse, allowing your family to trade and possess digital property without them knowing,” Robbie Ferguson, co-founder and president of Immutable, remarked on Twitter.
Immutable’s flagship product is Immutable X, a Layer 2 scaling protocol for quantum dots based on Ethereum. Immutable X makes use of StarkWare’s StarkEx ZK-Rollup technology. It enables high transaction throughput with no gas expenses, instant trade confirmations, and instant Ethereum withdrawals without sacrificing security. Additionally, the team created two of the most popular play-to-earn games in cryptocurrency, Gods Unchained and Guild of Guardians.
In February, the company announced a partnership with GameStop, the world’s largest video game retailer, to promote the launch of its NFT marketplace and a $100 million fund dedicated to assisting blockchain game developers. TikTok, OpenSea, and Illuvium are among the major companies that use Immutable’s Layer 2 scaling platform.