Good evening,

This one has got to sting for the ASX. After hitting the unicorn status just four months ago, Animoca Brands has raised a fresh round of funding and more than doubled its valuation.

The company, which was stripped of its ASX listing in March last year when it had a market capitalisation of $120 million, is now worth $US2.2 billion.

The Hong Kong-headquartered gaming company hit the jackpot when it pivoted to non-fungible tokens in 2019, enabling players to collect in-game rewards, some of which can be exchanged for cryptocurrencies.

Fresh faces to this funding round include Sequoia China, Liberty City Ventures, Dragonfly Capital, and Jack Ma protegee Justin Sun.

Elsewhere, the Swisse team has reassembled at hydration products company, Hydralyte, which is pitching to investors this week as part of an IPO roadshow; AusNet Services is ready to let APA Group into the data room; Myer should keep aclose watch on how Saks Fifth Avenue’s online spin-off performs; and KordaMentha has been called into Salt Lake Potash as receivers.

Happy reading,
Anthony Macdonald, Yolanda Redrup and Kanika Sood
Street Talk editors