NFT Layer 2 startup Immutable raises $200 million, now valued at $2.5 billion

Quick Take

  • Immutable has raised $200 million in Series C funding and is now a unicorn.
  • The firm plans to expand globally, scale its team and explore M&A opportunities.

Immutable, the startup behind the NFT-focused scaling network Immutable X, has raised $200 million in a Series C funding round and is now valued at $2.5 billion.

Temasek, a Singapore government-owned investment company, led Immutable's funding round. Animoca Brands, Tencent, ParaFi Capital, Arrington Capital, Mirae Asset, and Liberty Global also backed the round as new investors. Previous investors, including Alameda Research, AirTree Ventures, Declaration Partners, and Fabric Ventures, also participated.

With fresh capital in hand, the Australia-based Immutable plans to expand globally, scale its team and explore M&A opportunities. The firm's current headcount is 165 people, and it plans to hire an additional 200 people over the next 12 months across various functions, including sales, marketing, engineering, and product.

Immutable also plans to acquire new customers for its Layer 2 network Immutable X, which is built on StarkWare's StarkEx technology. Immutable X is currently used by several platforms, including OpenSea, TikTok, and GameStop.

Animoca Brands also plans to use the network. "We're excited to explore integrations with Immutable X across Animoca's portfolio of content — bringing next-level scale, security, and liquidity to the next generation of blockchain games," said Yat Siu, co-founder and chairman of Animoca.

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