Virtual gaming platform The Sandbox is planning to raise $400 million at a valuation of $4 billion with reports that the company is in talks with potential investors.
Sources who sought anonymity say that considerations on details, including the new round’s size and valuation, are ongoing and may change as per the market sentiment and investor demand.
Sandbox raised $93 million in series B funding round in November led by SoftBank Vision Fund 2. The fund was aimed at advancing Sandbox’s open metaverse.
The COO and co-founder of Sandbox, Sebastien Borget, said at the beginning of the month that the platform might carry out new funding round in the year.
The Sandbox has seen rising popularity recently, with companies like Adidas AG, Warner Music Group, and Carrefour SA buying virtual plots for various metaverse activities. The platform is owned mainly by Animoca Brands.