April 28, 2023
By Sharan Kaur Phillora
TinyTap, a subsidiary of Animoca Brands, has secured funding of $8.5 million. The round saw the participation of some of the most reputed investors, like Polygon Labs, LibertyCity Ventures, and Kingsway Capital, among many others. The edTech platform is eyeing to transition from Web2 to Web3 by leveraging the success of Publisher NFTs.
Here’s what we know:
Investors participating in the fundraising include Sequoia China, Polygon, Shima Capital, Liberty City Ventures, Kingsway Capital, and GameFi Ventures.
The company plans to use the fresh capital to expand its workforce and invest in product development. The startup’s CEO, Yogev Shelly, reportedly said the new funding takes TinyTap’s valuation to $100 million.
The new round comes less than a year after Animoca Brands acquired an 84% stake in TinyTap for around $39 million. The startup started raising funds for the round in October 2022, closing it in February this year after some investors backed out in the wake of the FTX’s collapse.
Since Animoca’s acquisition, the startup has been doubling down on expanding Web3 education. It also began implementing blockchain technology into the platform, adding tokenized content through non-fungible token (NFT) collections.
Yat Siu, a co-founder of Animoca, said the addition of NFTs enables teachers to “better generate equity from their work and link up with co-publishers who can handle the promotion of their courses, all while offering students enhanced learning materials.”
Animoca is one of the most prominent investors in the Web3 space today. Backed by Temasek Holdings and True Global Ventures (TGV), the Hong Kong-based venture capital firm launched a $2 billion Web3 fund last year, though that fundraising target was later halved due to the crypto market downturn
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.