Popular metaverse project, The Sandbox (SAND), is reportedly looking to raise $400 million in its next funding round, which will take the valuation of the crypto startup to $4 billion.
The Sandbox is one of the earlier metaverse platforms built on the Ethereum blockchain. The Animoca Brands owned startup allows users to buy, sell, trade, and own digital assets in a virtual world.
Blockchain.com Prepares for Public Offering
According to the insiders familiar with the matter, The Sandbox is already in talks with new and existing investors to determine the size and valuation of its upcoming Series C funding round.
Reports suggest that The Sandbox is looking to raise up to $400 million, which would see the firm reach a $4 billion valuation.
In November, the Series B funding round saw The Sandbox raise $93 million. The round was led by SoftBank’s Vision Fund 2 (its first investment in crypto assets) and saw investments from Liberty City Ventures, Samsung (KS:005930) Next, and other investors.
SAND, the native token of the Sandbox metaverse, has been on the rally. Over the last 24 hours, SAND has gained more than 10% to set a new weekly high of $3.09.
The 24 hours price chart of The Sandbox (SAND). Source: Tradingview
On The Flipside
- Although there are rumors of an Initial Public Offering (IPO), Sebastien Borget, the co-founder of The Sandbox, has said that the company is not going public just yet.
Why You Should Care
The fund will help The Sandbox ” create compelling metaverse experiences for users.”
