Immutable raises US$200m in Series C round led by Temasek

SYDNEY-BASED blockchain company Immutable said on Monday (Mar 7) that it has secured US$200 million in a Series C financing round led by Temasek, with tech company Tencent also among the investors.

The funding would bring its valuation to US$2.5 billion, according to a press statement from the company, which provides the Immutable X platform for trading non-fungible tokens (NFT) on Ethereum.

Other investors in Immutable include blockchain game company Animoca Brands, as well as asset managers AirTree Ventures and Mirae Asset.

Immutable will be using the capital to fund plans for global expansion including investing in its Immutable X platform, and scaling its Immutable Gaming Studio.

"Immutable 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," said James Ferguson, chief executive of Immutable.

"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."

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The Australian unicorn currently has a team of 165 people, and it plans to hire an additional 200 new employees globally over the next year, mainly in sales, marketing, engineering and product. The company also said it has hired 4 new C-suite executives, including a chief operating officer and chief growth officer.

Immutable added that it will also use the funds to scale to meet increasing demand for its platform, expand into new verticals, and explore merger and acqusition opportunities. It said that current companies building on Immutable X include GameStop, TikTok and Opensea.

Last month, New York-listed GameStop announced a partnership with Immutable to launch its new NFT marketplace on the Immutable X platform. The partnership includes a US$100 million co-fund between the entities, targeting the advancement of high-impact NFT gaming projects.