Hong Kong's Brinc raises $130m for blockchain programs
Hong Kong accelerator Brinc has raised $130 million for blockchain-related accelerator programs and a global expansion with support from Animoca Brands, a local segment leader backed by several VCs.
The funding comprises a $30 million Series B round and a separate $100 million for start-up investments. Animcoa, a games studio that has transitioned into metaverse applications of non-fungible tokens (NFTs), was the lead investor in both transactions.
Brinc plans to use the capital to build companies focused on Web 3.0, a decentralized vision of the internet that involves immersive metaverse environments where property is represented by NFTs. Web 3.0 accelerators are planned for developing ecosystems in categories such as music, art, collectibles, gaming, and decentralized finance.
Animoca has significant experience in this area, having established a metaverse subsidiary called Sandbox that received a $93 billion Series B last month led by SoftBank Vision Fund 2. It describes Sandbox as a digital world that hosts virtual real estate sales and NFT-driven IP marketing.
“Web 3.0 technologies have the potential to democratize access to financial services and information, develop a more inclusive digital economy through aligned value capture mechanisms, and transform global business processes, just as the internet did,” said Brinc CEO Manav Gupta (pictured left with Animoca founder Yat Siu).
“Working with Animoca Brands to support leading companies in this space is an incredible opportunity, and underscores an increasing interest in utilizing accelerators to access high-quality start-up opportunities at scale.”
Brinc has helped develop more than 200 start-ups across its various programs since 2014. It currently operates 18 multi-disciplinary acceleration programs across seven offices globally.
In 2020, Gupta announced plans to invest in more than 1,000 start-ups that are developing solutions to combat climate change and build a more inclusive and equitable society within the next five years. Activity in this vein includes a partnership with Hong Kong-based food tech investor Lever VC.
Animoca raised a $65 million round in October led by Sequoia Capital China at a pre-money valuation of $2.2 billion. Its other investors include Gobi Partners, Korea Investment Partners, and Samsung Venture Investment Corporation.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.