The Sandbox Considers Another Funding Round, but no IPO

The Sandbox Considers Another Funding Round, but no IPO

The Sandbox, the popular metaverse, is considering a new funding round this year as it plans on major expansions. 

According to Chief Operating Officer and Co-Founder of The Sandbox, Sebastien Broget, the company is planning to hire and acquire in huge numbers. Last year, the company had around a hundred employees, but the number has now doubled to two hundred, and it intends to grow even larger in 2022.

Borget also stated that the company intends to merge with other organizations that have the most interesting and engaging metaverse experience for customers.

Bloomberg reported on April 6 that The Sandbox has no plans on going public just yet. Borget said:

“From what I see, most private companies went public after they had hundreds of millions of users. We are very proud to have 2.3 to 2.4 million users right now. Let’s talk again in a few years.”

The Sandbox is majority-owned by Hong Kong-based software company Animoca Brands. The company recently raised 93 million USD in a funding round in November 2021, which was led by SoftBank. Before this, Animoca had also raised more than 2.5 million USD in funding to expand The Sandbox in 2019. 

The metaverse platform has recently started conducting virtual shows and concerts while selling virtual lands to artists and stage performers. The tickets for these events are extensively sold to fans and concert-goers.

One of the latest big names joining The Sandbox is Snoop Dogg, who made a music video in the Metaverse. The international banking giant HSBC has partnered with the metaverse platform. Furthermore, it was reported earlier this year that Animoca Brands’ valuation had surged to 5.5 billion USD after a fresh funding round worth 360 million USD.

SOURCE: CryptoPotato