Immutable raises $200 million to invest in blockchain gaming, bringing valuation to $2.5 billion

Australian NFT Trading Platform Immutable announced a $200 million Series C financing round, led primarily by Singaporean state-owned company Temasek and with the participation of Animoca Brands and Tencent. Additional investments from ParaFi Capital, Princeville Capital and Arrington Capital, as well as existing backers King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners and others have increased Immutable’s valuation to $2.5 billion.

The company plans to spend this capital developing its Immutable X layer-2 scaling solution for non-replaceable tokens (NFTs) on the Ethereum network and scaling Immutable Gaming Studio, which includes its flagship Gods Unchained and Guild of Guardians video games. Immutable X uses StarkWare’s StarkEx zero-knowledge proof technology to achieve scalability on Ethereum, while providing game developers with zero gas costs and a carbon neutral environment.

Robbie Ferguson, co-founder and president of Immutable, tweeted that the future of gaming depends on NFT economies and that Immutable aims to pioneer the adoption of NFT.

Related: Monthly NFT buyers plunge below 800K as searches ‘fall off a cliff’

Ferguson added that the digital future will require open order books as opposed to siled liquidity, and “true” decentralization on Ethereum, as well as consumer-oriented NFT projects.

According to the company, part of Immutable’s plans for “rapid global expansion” includes hiring four new executives: Justin Hulog, former general manager of Riot Games, as chief studio officer; Gill Findlay, partner of AirTree ventures, as chief operating officer; John Boris, former CEO of IfOnly, as Chief Growth Officer; and Katherine Rau as Chief People Officer. Immutable also plans to expand its 165-strong team by adding 200 new employees worldwide this year.

Related: Immutable X (IMX) Price Rises After GameStop Partnership and New Project Launches

Recently, Immutable partnered with GameStop to develop the game retailer’s upcoming NFT marketplace and sponsor gamemakers through a $100 million grant program. Other companies currently building Immutable X include TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary Vee’s Vee Friends.

Immutable is one of several blockchain and crypto-focused companies that have achieved unicorn status in the past year. In the startup community, a unicorn is a company that achieves a valuation of $1 billion or more.

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