The successful metaverse The Sandbox (SAND) is reportedly preparing to raise $400 million, according to exclusive information revealed by sources close to the company. This news comes two weeks after co-founder Sebastien Borget announced that the firm would be developing an aggressive recruitment and acquisition strategy.
The Sandbox in search of new investors
The Sandbox (SAND), the successful metaverse that recently saw its name placed in the top 100 most influential companies according to the prestigious Time Magazine, 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 contribution would be 4 times more important than the previous one made last November within the framework of a series B round, which had managed to raise 93 million dollars. Thus, with an additional $400 million in its portfolio, The Sandbox would see its valuation propelled to $4 billion.
This announcement comes just 2 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 making acquisitions “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 this April 19, remains subject to changes depending on market developments and investor demand.
Partnerships on a grand scale
With more than 2 million registered players while still in the alpha phase, The Sandbox stands out as a pioneer of 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 counts choice partners from all over the world such as Snoop Dogg, Deadmau5, Avenged Sevenfold, and even companies like Adidas, Atari or the South China Morning Post.
Things have accelerated rapidly since the beginning of 2022 for The Sandbox, which has seen organizations as diverse as the HSBC Bank, the Carrefour and Casino groups, and even Ubisoft get a foothold in its metaverse.
More recently, it is the French firm Ledger that has formalized a partnership with The Sandbox to educate the participants of the metaverse on the security of their cryptocurrencies. An interesting initiative in a context where hacks and phishing attempts are increasing in the face of the success of digital assets.
SAND, the native token of The Sandbox, reacted positively to the news and printed a price increase of around 11.12% at the time of writing.
SAND currently occupies the 42nd spot on the cryptocurrency podium with over $3.4 billion in market capitalization .