NFT Layer 2 startup Immutable raises $200 million, now valued at $2.5 billion

Immutable, the startup behind the NFT-focused scaling network Immutable X, has raised $200 million in a Series C funding round and is now valued at $2.5 billion.

Temasek, a Singapore government-owned investment company, led Immutable's funding round. Animoca Brands, Tencent, ParaFi Capital, Arrington Capital, Mirae Asset, and Liberty Global also backed the round as new investors. Previous investors, including Alameda Research, AirTree Ventures, Declaration Partners, and Fabric Ventures, also participated.

With fresh capital in hand, the Australia-based Immutable plans to expand globally, scale its team and explore M&A opportunities. The firm's current headcount is 165 people, and it plans to hire an additional 200 people over the next 12 months across various functions, including sales, marketing, engineering, and product.

Immutable also plans to acquire new customers for its Layer 2 network Immutable X, which is built on StarkWare's StarkEx technology. Immutable X is currently used by several platforms, including OpenSea, TikTok, and GameStop.

Animoca Brands also plans to use the network. "We're excited to explore integrations with Immutable X across Animoca's portfolio of content — bringing next-level scale, security, and liquidity to the next generation of blockchain games," said Yat Siu, co-founder and chairman of Animoca.

To meet its global expansion plans, Immutable has also hired four C-suite executives. Gill Findlay has joined Immutable as the chief operating officer, who is currently also a partner at AirTree Ventures. John Boris has joined as chief growth officer, Justin Hulog as chief studio officer, and Katherine Rau as chief people officer.

"Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world's fastest-growing industry," said James Ferguson, Immutable's CEO. "Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth."

The Series C round brings Immutable's total funding to date to over $277 million. Last September, the firm raised $60 million at a $410 million valuation.

The crypto funding spree continues at a rapid pace. As The Block reported last week, February saw the second-highest monthly investment in the history of crypto, one month after January that set the record.