Immutable Notches $2.5B Valuation After Series C Funding
The NFT startup announced a $200 million financing round on Monday
Immutable founders, James and Robbie Ferguson | Source: Immutable
key takeaways
- Staff will go from 170 to 350 full-time employees over the next year, co-founder Robbie Ferguson told Blockworks
- Immutable raised $60 million in Series B funding in September
Immutable, creator of the NFT-focused layer-2 scaling protocol Immutable X, secured $200 million in Series C funding, launching the Sydney-based startup to a $2.5 billion valuation.
Led by Temasek, investors in the financing round include Animoca Brands, Tencent, ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global.
King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research all raised their existing investments in Immutable.
“We’ll be growing from 170 to 350 people over the next year — investing in a global partnerships and gaming advisory team and tripling our product and engineering teams,” Robbie Ferguson, co-founder of Immutable, told Blockworks.
Immutable made headlines in October for creating Immutable X, which powered TikTok’s NFT (non-fungible token) collection. It was billed as the first layer-2 protocol on Ethereum that allowed instant trading and zero gas fees, which often served as a roadblock for minting NFTs.
Earlier this month, Immutable announced a $100 million joint fund with GameStop for blockchain gaming startups.
The company was founded in 2018 by brothers Robbie and James Ferguson.
“In 2017, we saw NFTs come out with CryptoPunks and [my brother and I] said, ‘This is it,’” Robbie said. “This is going to be massive because there is more uniquely ownable stuff in the world than there is currencies. The ability to have digital property rights is going to be the most important thing.”
In its early years, Immutable was known for creating “Gods Unchained,” which Robbie described as “the first multiplayer game with NFTs on Ethereum, [all] completely on-chain.”
The company has since expanded, launching tokens such as IMX in September, which sold out on CoinList in under an hour and raised over $12.5 million.
That same month, Immutable announced a $60 million Series B funding round to boost NFT trading. BITKRAFT Ventures and King River Capital co-led the round, with participation from Alameda Research, Galaxy Interactive, VaynerFund and Apex Capital.
Along with the Monday announcement, Immutable announced new C-suite hires such as former Riot Games exec Justin Hulog. The startup also tapped ex-Shutterfly chief marketing officer, John Boris, as its chief growth officer.
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