The successful metaverse The Sandbox (SAND) is reportedly preparing to raise $400 million, according to exclusive information revealed by sources close to the company. The news comes two weeks after co-founder Sebastien Borget announced that the firm would be aggressively developing a recruitment and acquisition strategy.
The Sandbox is looking for new investors
The Sandbox (SAND), the successful metaverse that recently made Time Magazine’s top 100 most influential companies, is reportedly preparing to raise $400 million.
The information was communicated exclusively and on condition of anonymity to our colleagues at Bloomberg, as the information is secret and the fundraising private.
Such a capital injection would be 4 times larger than the previous one carried out last November as part of a series B round, which raised 93 million dollars. With an additional $400 million in its portfolio, The Sandbox would see its valuation increase to $4 billion.
This announcement comes just two weeks after Sebastien Borget, co-founder of The Sandbox, announced at the Non Fungible Conference in Lisbon earlier this month that The Sandbox would be recruiting and acquiring “aggressively”.
Specifically, he explained that The Sandbox could buy companies that present innovative experiences for metaverses, before adding that the firm had doubled its staff between the year 2021 and 2022.
The information, revealed on 19 April, is subject to change depending on market developments and investor demand.
Large scale partnerships
With over 2 million registered players while still in the alpha phase, The Sandbox is a pioneer in metaverses. Numerous personalities and international companies have quickly sniffed out the interest of this unique world where plots of land are sold at a premium.
Indeed, The Sandbox currently has some of the best partners from all over the world, such as Snoop Dogg, Deadmau5, Avenged Sevenfold, and even companies such as Adidas, Atari and the South China Morning Post.
Things have accelerated rapidly since the beginning of 2022 for The Sandbox, which has seen organisations as diverse as the HSBC Bank, the Carrefour and Casino groups, and even Ubisoft gain a foothold in its metaverse.
More recently, it was the French firm Ledger that formalised a partnership with The Sandbox to educate metaverse participants about the security of their cryptocurrencies. An interesting initiative in a context where hacks and phishing attempts are multiplying in the face of the success of digital assets.
The Sandbox’s native token, SAND, reacted positively to the news and printed a price increase of around 11.12% at the time of writing.
SAND is currently ranked 42nd in the cryptocurrency podium with over $3.4 billion in market capitalization
