The Sandbox, a platform focused on user-generated content in the metaverse, has raised $20 million through a convertible debt offering.
This funding round, which valued the company at $1 billion, was co-led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The convertible bond allows investors to convert their debt into shares in Bacasable Global Limited, The Sandbox’s business entity, on the same terms as existing preference shares.
The funds will support The Sandbox’s goal of creating a decentralized virtual world that integrates cultural and gaming experiences, focused on active community engagement and benefit.
Ramping up a decentralized metaverse
Commenting on the investment, Sebastian Borget, President of The Sandbox, said: “We are pleased to welcome new strategic partners who support our vision to develop the most accessible and inclusive platform that brings the capabilities of web3 to a global mainstream audience , and where brands and communities join forces to co-create the future of gaming and entertainment. The Sandbox proudly believes in the power of the metaverse to shape our digital future so that it is collaborative, fair and open.”
The Sandbox allows users to participate in various virtual activities, including gaming and social events, and the latest funding is aimed at helping the company further develop its platform and ecosystem.
Plans include updates to the Game Maker and VoxEdit 3D editor tools, introducing new social interactions for avatars, and expanding gameplay through a new multiplayer rules system expected to launch in beta later this year and for 2025 public.
Yat Siu, Executive Chairman of Animoca Brands, also added: “We are deeply honored by the continued commitment to The Sandbox’s vision, and we are incredibly excited about the future of composable, user-generated content games.”
In addition, The Sandbox is developing a version of its decentralized metaverse for mobile devices, expected to launch in 2025.
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