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NFT scaling platform Immutable secures fresh funding to accelerate operations

Sydney, Australia – Immutable, the carbon-neutral and scalable platform for trading NFTs on Ethereum, has secured a Series C funding round of US$200m, which was led by Temasek, with investments from leading blockchain game juggernaut Animoca Brands and technology company Tencent, bringing its valuation to US$2.5b. 

The newly secured fund will be used to fuel Immutable’s plans for global expansion, accelerate the company’s growth by investing in the Immutable X platform, and scale the Immutable Gaming Studio, including its flagship games Gods Unchained and Guild of Guardians, as well as hire an additional 200 new employees globally over the next 12 months predominantly in sales, marketing, engineering, and product. 

Moreover, Immutable will also use the funds to scale to meet the increasing demand for its platform and expand into new verticals, support gaming partners, acquire new customers, and explore M&A opportunities.

Immutable said that its Immutable X is built using StarkWare’s StarkEx cutting-edge zero-knowledge proof technology, which rolls up hundreds of thousands of transactions into one while positioning users to safely secure digital assets directly on Ethereum. This enables Immutable to provide game developers and all NFT creators with unparalleled throughput and zero gas fees for trading and minting NFTs in a carbon-neutral environment, empowering them to create billions of low-cost, in-game assets that can easily be bought and sold.

James Ferguson, Immutable’s CEO, shared that the platform is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry. 

Following the new funding, Immutable has also onboarded four new C-suite executives, namely Gill Findlay, the new chief operating officer, John Boris, the new chief growth officer, and Justin Hulog, the new chief studio officer, as well as Katherine Rau, the new chief people officer.

“Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth. We are also excited to welcome new executive team members who will help execute on our aggressive business and growth plans,” said Ferguson. 

The latest funding round was also joined by investors ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset, and Liberty Global. Existing investors King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, and Fabric Ventures, as well as Possible Ventures, and Alameda Research have all increased their investments.

Earlier this month, Immutable has also partnered with GameStop to launch a new NFT marketplace on the Immutable X platform, which includes a US$100m co-fund between the juggernaut and startup, targeting the advancement of high-impact NFT gaming projects.