Sydney-based NFT and gaming startup Immutable has announced that it secured $200 million in a Series C funding round.
The round was led by Singapore state investment giant Temasek, with participation from Animoca Brands, Tencent, Mirae Asset, ParaFi Capital, Declaration Partners, and several others.
Immutable confirmed the raise on Twitter on Monday, revealing that it was now valued at $2.5 billion.
The company’s valuation has spiked from just $410 million in 2021 to $2.5 billion, reflecting the rapid expansion of the NFT economy.
Immutable is looking to invest the capital in developing its Immutable X layer-2 scaling solution for NFT on the Ethereum network, as well as scaling the Immutable Gaming Studio, which includes its flagship Gods Unchained and Guild of Guardians video games.
The firm’s co-founder and president, Robbie Ferguson, tweeted that the future of gaming is dependent on NFT economies and that Immutable wants to pioneer NFT adoption.
According to the company, part of its plans for “rapid global expansion” includes selecting four new executives – Justin Hulog, former Riot Games general manager, as chief studio officer; Gill Findlay, AirTree ventures partner, as chief operating officer; John Boris, former CEO of IfOnly, as chief growth officer; and Katherine Rau as chief people officer. Immutable also plans to grow its 165-person team by adding 200 new employees globally this year.
Immutable X was launched in April 2021 and has saved NFT creators millions of dollars in gas fees. It recently partnered with GameStop to develop the game retailer’s upcoming NFT marketplace.
Other companies currently building on Immutable X include TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary Vee’s Vee Friends.