Immutable, a non-fungible token (NFT) scaling platform, announced that it raised $200 million in a Series C funding round, at a $2.5 billion valuation. Furthermore, according to a press release issued by the company, the fundraise was led by Singapore state investment fund Temasek. Other investing participants in the funding round were Mirae Asset, ParaFi Capital, Declaration Partners, and Tencent Holdings, to name a few.
Immutable says that it intends to channel the fresh capital towards scaling up its operations as well as global expansion. Specific actions include boosting Immutable Gaming Studio and merger-and-acquisitions activity. Furthermore, Immutable also stated that it intends to add 200 employees within 12 months. This would bring the total number of staff force to more than double its current number.
The last time Immutable raised funds were at a $410 million valuation back in September, according to the company in a media session. A few months before the September fundraiser, the NFT scaling platform also raised $60 million in a Series B funding round.
The NFT sector saw a massive explosion throughout last year as many platforms, businesses, brands, and individuals are looking to tap into the space. A lot of investors pumped money into the secretary through funding rounds and acquisitions.
This year, the trend seems to have carried over as leading NFT marketplace OpenSea raised $300 million at a $13.3 billion valuation.
Image Credits: Pixabay
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