The Sandbox, a developer of web3 gaming and metaverse, secured $20 million in strategic funding through a convertible promissory note, a form of debt convertible into equity. Kingsway Capital and Animoca Brands spearheaded the financing, with support from LG Tech Ventures and True Global Ventures, as detailed in a company announcement. This funding raises The Sandbox’s total valuation cap to $1 billion.
The Sandbox specializes in metaverse-based virtual worlds with gaming components. The company plans to launch a new multiplayer gaming experience and a decentralized metaverse for mobile devices by 2025.
In a statement, Animoca Brands co-founder and executive chairman Yat Siu expressed gratitude for the ongoing support for The Sandbox’s vision and highlighted the potential of composable user-generated content games in the future. Siu also referenced McKinsey’s estimation that the metaverse could contribute $5 trillion to the global economy by 2030, underscoring The Sandbox’s role in advancing digital ownership in user-generated content games.
