The Sandbox raises $20M at $1B valuation, promises to expand creator economy

During a period when major metaverse projects are struggling to gain traction following the bear market of 2022-23, Sandbox announced that it has added over 330,000 unique creators.

Animoca Brands and its subsidiary Bacasable Global Limited, which operates the popular metaverse platform The Sandbox, have raised $20 million of convertible promissory notes at a valuation of $1 billion.

The funding round was led by Kingsway Capital and included LG Tech Ventures and True Global Ventures. The holders of the promissory notes can convert them into Bacasable Global Limited’s equity at the same terms as existing preference shares.

The latest funding round at a billion-dollar valuation comes nearly two years after The Sandbox planned to raise $400 million at a $4 billion valuation.

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