Sources familiar with the matter: Animoca Brands metaverse fund fund-raising target has been lowered to $800 million

According to Reuters, citing people familiar with the matter, Animoca Brands has lowered the fundraising target of its metaverse fund Animoca Capital to US$800 million. Animoca Brands co-founder and CEO Yat Siu announced the fund in November 2022 with an initial fundraising target of $2 billion, which was lowered to $1 billion in January 2023. In addition, two other people familiar with the matter said that Animoca Brands was valued at close to US$6 billion when it completed a US$75 million financing in 2022, and its current valuation in the secondary market has dropped to below US$2 billion.