The Sandbox, a leading metaverse platform developed by Animoca Brands subsidiary Bacasable Global, has raised $20 million in convertible promissory notes. This investment brings The Sandbox’s valuation to $1 billion.
Kingsway Capital led the funding round, joined by LG Tech Ventures and True Global Ventures. Notably, the convertible notes can be converted into Bacasable Global’s equity at the same terms as existing preference shares.
This funding round comes at a $1 billion valuation, lower than The Sandbox’s previous attempt to raise $400 million at a $4 billion valuation two years ago.
The Sandbox plans to utilize the fresh funds to bolster its creator economy and develop its decentralized mobile metaverse platform slated for launch in 2025. The platform intends to introduce new social features, enhance avatar capabilities, and upgrade its game creation tools like Game Maker and VoxEdit.
The Sandbox boasts over 1,000 user-generated experiences since its Alpha launch in November 2023 and over 5.7 million user accounts linked to crypto wallets. The platform positions itself as the next generation of user-generated content (UGC) games, offering players digital ownership of their creations – a feature absent in many popular titles like Minecraft and Roblox.
