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Animoca Brands Courts $50M Investment From Saudi Arabia's NEOM

Metaverse and gaming venture capital firm Animoca Brands plans to enter into a partnership with Saudi Arabia's NEOM Investment Fund focused on Web3 initiatives. The investment fund of NEOM – the project for a new urban area in northwest Saudi Arabia envisioned as a hub for technology, trade, entertainment and tourism – is proposing to invest $50 million in Animoca, according to an announcement on Monday. Under the plan, Animoca will build Web3 service capabilities with global commercial applications alongside NEOM to support its aspirations as a futuristic tech hub. Animoca is now attracting investment from state-backed funds once again.

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