NFT startup Immutable valued at $2.5 billion in Temasek-led financing

Australian non-fungible tokens (NFTs) startup Immutable has raised fresh funding in a round led by Singapore’s Temasek, bringing its valuation to US$2.5 billion, the company said in a statement on Monday. 

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Fast facts

• Immutable raised US$200 million in a Series C funding led by state-owned Temasek, with investments from blockchain gaming unicorn Animoca Brands and Chinese tech giant Tencent.
  
• New investors ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global also participated in the round.
  
• The new funds are expected to be used in Immutable’s global expansion and development of its gaming studio and Ethereum NFT platform Immutable X.

• NFT games peaked in 2021 on the back of the rise of Axie Infinity, leaving investors on the lookout for the next superstar.
  
• Current companies building on Immutable X include GameStop, TikTok and OpenSea.

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