Immutable, an Aussie startup for trading NFTs on Ethereum, raised $200 million in a Series C funding round at a valuation of $2.5 billion, according to a press release on Monday (March 7).
The funding was led by Temasek, with participation from new investors ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global. Previous backers King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research also took part in the round.
Companies currently building on Immutable X include GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports and Gary Vee (Vee Friends).
See also: Is GameStop’s New NFT Marketplace Diversification or Distraction?
The fresh infusion of capital will be used to help Immutable expand internationally and boost the company’s growth by investing in the Immutable X platform, which facilitates transactions faster than Ethereum.
New funds will also go towards scaling the Immutable Gaming Studio, including Guild of Guardians and one of the largest played blockchain games, ‘Gods Unchained.’ The Series B will also be used by Immutable for scaling operations, moving into new verticals and looking into opportunities for mergers and acquisitions.
“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” said James Ferguson, CEO, Immutable. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.”
Read more: Ethereum Founder Explains ‘Crypto Winter’ Upside
Founded in 2018 by James Ferguson and Robbie Ferguson, Immutable is one of Australia’s fastest-growing unicorns. Boasting a team of 165 people, the firm plans to hire an additional 200 new employees globally over the next 12 months, mostly in the areas of sales, marketing, engineering and product.
In conjunction with its new funding, the company also appointed new personnel in key positions: Gill Findlay was named chief operating officer; John Boris, chief growth officer; Justin Hulog, chief studio officer, and Katherine Rau, chief people officer.
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