TinyTap, a subsidiary of Animoca Brands, raised $8.5 million in funding in a funding round attended by key investors.
According to a statement by TinyTap, investors included Sequoia China, Polygon, Liberty City Ventures, Kingsway Capital and Shima Capital. TinyTap CEO Yogev Shelly said in a statement that the funding comes in the form of a token combination through SAFE and SAFT.
Company Reaches $100 Million Valuation
TinyTap, the edtech company owned by Animoca Brands, aims to use the funds it raises for Web3 training.
Stating that the exact plans for the token were not shared with investors at the close of the round, Yogev Shelly said: “We just focused on how a tokenomic model could benefit education and creative economies in general.”
Shelly said TinyTap was acquired by Animoca Brands for $39 million last June for an approximately 84 percent stake in the company, and is valued at $100 million with new financing.
Stating that they started raising funds in October 2022, Shelly stated that some investors withdrew in November due to the bankruptcy of the FTX exchange. When asked why the company was raising funds after it was acquired by Animoca, he said that even after the deal, the company still has an incentive to continue growing.
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