The Australian blockchain firm has secured a fresh funding round which was led by Singapore state investment giant Temasek. Other participants in the Series C round included Animoca Brands, Tencent, Mirae Asset, ParaFi Capital, Declaration Partners, and a number of others.
Immutable tweeted the news on March 7, adding that the firm was now valued at $2.5 billion. The company had raised money at a valuation of $410 million in previous funding rounds.
“We’re supercharging our mission to make NFTs mainstream through high-quality blockchain games,”
High-speed zero-gas NFTs
Immutable stated that the raise will allow it to focus on global expansion taking on more than 200 new hires this year. It also wants to further develop Immutable X, its layer 2 NFT scaling network. Immutable X uses StarkEx zk-proofs to scale Ethereum and provider NFT creators with high throughput and zero gas fees with minimal environmental impact.
Immutable Valuation Jumps to $2.5B
Immutable announced that it had raised $200 million in a Series C funding round led by Singapore’s state-owned investment company Temasek. With the recent financing, the company’s valuation jumped to $2.5 billion.
According to a press release shared by the organization, the funds will be used for global expansion, including boosting Immutable Gaming Studio and merger-and-acquisitions activity.
While the funding round was led by Temasek, several other major crypto venture firms, including ParaFi Capital, Alameda Research, and Arrington Capital, also participated in it. The press release further noted:
“This capital will be used to fuel Immutable’s plans for 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’s flagship product is Immutable X, an Ethereum-based Layer 2 scaling protocol for NFTs. Immutable X leverages StarkWare’s ZK-Rollup solution, StarkEx. It provides a high-transaction throughput environment with zero gas fees, instant trade confirmations, and instant withdrawals to Ethereum without sacrificing security. The team also developed some of crypto’s most popular play-to-earn games, Gods Unchained and Guild of Guardians.
In February, the firm partnered with the world’s largest video game retailer, GameStop, to support its NFT marketplace launch alongside a $100 million fund dedicated to supporting blockchain game developers. Other notable companies building on Immutable’s Layer 2 scaling platform include TikTok, OpenSea, and Illuvium.
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