Animoca Brands raises $4.1 million ahead of proposed initial public offering

Mobile developer Animoca Brands has raised $4.1 million in funding to support a proposed initial public offering. 

The strategic funding round was backed by investors including M7 Asia, Mind Fund, and others, which have all entered into unsecured a convertible promissory note agreement with Animoca. 

The Crazy Defense Heroes and Beat Quest developer explained the capital will support an potential IPO, which would see it spin off the assets of nWay, Pixowl, TSB Gaming, and Quidd Inc. on Euronet or other public exchange. 

Animoca has spent the past few years expanding its business with a number of weighty acquisitions, the most recent of which saw it nab Power Rangers: Legacy Wars developer nWay for $7.69 million and digital collectibles marketplace Quidd for $5 million.