Ethereum NFT Platform Immutable Closes $200M Funding

Key Insights

• Australian NFT startup Immutable raised $200 million in a Series C funding round.
• The funds will be used for expansion, new hires, and acquisition.
• Immutable is the developer behind the Ethereum Layer 2 platform Immutable X.

While Bitcoin, Ethereum, and the larger cryptocurrency market moved in a rangebound trajectory owing to the war-induced conundrum in the financial markets, the NFT space continued to boom.

Carrying the growth graph forward, Australian NFT startup Immutable announced on March 7 that it had raised $200 million in a Series C funding round led by Temasek.

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.”

In September 2021, the company had raised money at a valuation of $410 million in its previous funding round. The recent rise in valuation puts Immutable’s value at an approximately six-fold increase since September.

Tapping Into the NFT Space

The Sydney-based firm is behind NFT games like ‘Gods Unchained’ and ‘Guild of Guardians.’ Immutable’s flagship product, however, is Immutable X, an Ethereum-based Layer 2 scaling solution for NFTs.

In February, the firm had announced a partnership with GameStop to launch the company’s NFT marketplace. GameStop and Immutable established a $100 million fund dedicated to supporting creators of NFT content from gaming studios, Web3, and metaverse gaming.

Talking about expansion into NFTs and the Metaverse space, Immutable’s co-founder and president, Robbie Ferguson, said on Twitter:

“NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property without them even knowing.”

Furthermore, on February 16, Habbo’s owner and operator company Silake announced that they would be boosting the NFT experience for its over 500,000 users using Immutable X.

Other significant organizations building on Immutable’s Layer 2 scaling platform include TikTok, OpenSea, and Illuvium. Seemingly, Immutable’s collaborations and partnerships have been leading the way for the firm’s expansion.