Animoca Brands raises $3.4M to fuel growth for branded mobile games

Animoca Brands has raised $3.4 million in a private placement to expand its presence in branded mobile games such as Garfield. That shows there’s still interest in investing in mobile game companies in the crowded $30 billion mobile game business.

Animoca Brands is already publicly traded on the Australian Stock Exchange, but in this case, it raised $4.7 million in Australian currency via a private placement with professional investors. It said it will use the money to develop and publish more casual games from brands such as Garfield and Doraemon. It will also co-develop mobile entertainment products with toy maker Mattel — the home of Barbie and Hot Wheels — and launch subscription products such as ebooks.