The Sandbox, a metaverse building platform, is planning to raise fresh funds at a $4bn valuation sources have revealed.
The metaverse start-up, which raised $93m during a November funding round, is in talks with new and existing investors about the funding round Bloomberg first reported.
Founded in 2011 by Arthur Madrid and Sebastien Borget The Sandbox, a subsidiary of software company Animoca Brands, began life as an online gaming company. Its flagship mobile games have reached 40m downloads.
The firm has been catapulted to prominence this year as businesses become increasingly interested in the potential of metaverses, virtual reality spaces where people can interact as avatars, play games and access services.
The company has sold NFTs representing virtual plots of real estate in its metaverse to HSBC, Adidas and Snoop Dogg as brands, celebrities and financial service providers take the plunge into virtual reality.
At a press conference in Lisbon last month chief operating officer Borget said the firm plans to expand by “aggressively” hiring staff and pursuing acquisitions. With 200 employees, the firm has doubled in size in a year Borget claimed.
The project’s native SAND token is trading at $2.95 having jumped 11.3 per cent in the past 24 hours.