Animoca Brands, a leading blockchain gaming company, has announced a strategic investment in Igloo Inc., the parent company of Pudgy Penguins, through a Simple Agreement for Future Equity (SAFE).
The Sandbox and Animoca Brands Japan, subsidiaries of Animoca Brands, also participated in the investment, further solidifying the company’s support for Igloo Inc.
Igloo’s subsidiary Cube Labs recently unveiled Abstract, an Ethereum scaling L2 solution explicitly designed for consumer-centric applications. With this investment, Animoca Brands aims to foster community engagement by facilitating cross-community marketing and collaboration between Abstract and Animoca Brands’ own Mocaverse.
Pudgy Penguins, a popular NFT collection that debuted on Ethereum in 2021, has seen significant growth since its inception. Under the leadership of CEO Luca Schnetzler, who acquired the brand in 2022, Pudgy Penguins has expanded into physical merchandise, gaming, and even announced a social open world game called Pudgy World in 2023. Most recently, the company partnered with renowned web3 game developer Mythical Games to develop a mobile social party game called Pudgy Party.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “Our investment in Pudgy Penguins is not only a financial commitment but also reflects our belief in the transformative power of intellectual property rights. Given Luca’s strong track record in innovation and execution, we’re thrilled to support him and his team as they continue to push the envelope and create engaging user experiences for one of the most recognizable brands in the world of Web3.”
Luca Schnetzler, CEO of Pudgy Penguins, added: “This investment from Animoca Brands is a testament to our vision and commitment to building a thriving ecosystem. It will continue to help us create the largest onchain community and power the next wave of consumer crypto.”