The Sandbox wants to raise around $400 million, to be valued at more than $4 billion

The Sandbox is eyeing a new funding round where it may obtain about $400 million with a valuation of more than $4 billion.

Apr 19, 2022
by Dragan
The Sandbox wants to raise around $400 million, to be valued at more than $4 billion
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Gaming metaverse platform The Sandbox, which allows users to buy and sell voxel-styled NFTs such as land, art, equipment, and more items using $SAND is reportedly seeking to acquire around $400 million valued over $4 billion.

Several unnamed sources sharing the confidential information say the company is negotiating with new and current investors on the potential upcoming funding round. Various terms for the round, such as the previously mentioned valuation, may very well change in accordance with market conditions. Co-founder and chief operating officer Sebastien Borget did mention earlier this month that the Ethereum-based platform, majority-owned by Animoca Brands, would look to hire “aggressively,” but no information on the scope of a new funding round was given at the time.

In November 2021, The Sandbox gained $93 million in a Series B round led by SoftBank Vision Fund 2, with participation from Galaxy Interactive, Kingsway Capital, True Global Ventures, Liberty City Ventures and Blue Pool Capital. For SoftBank, it marked the first crypto-related investment. 

A British international bank called HSBC became the first bank to purchase a plot of land in The Sandbox metaverse, with plans to “engage and connect with sports, esports and gaming enthusiasts.” Other companies that bought land in the voxel-based space include Warner Music Group, Adidas AG and Carrefour SA.

The Sandbox has built up an astonishing number of more than 200 partnerships, some of which include Ubisoft, Adidas, The Walking Dead, Deadmau5, Snoop Dogg, Warner Music Group, The Smurfs and many more.

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