IT News: Metaverse company Animoca acquires Be Media

Blockchain and gamification company Animoca Brands has acquired Perth digital marketing agency Be Media to focus on key opportunities in Australia centred around NFTs and blockchain development.

Following the acquisition, in its new capacity as an Animoca Brands company, Be Media will spearhead partnerships with major Australian brands, acting as the go to market arm in Australia focusing on three core areas: partnering with key brands, leveraging existing Animoca Brands gaming IP and developing new products and decentralised services for the Australian market.

In line with its expanded scope post-acquisition, Be Media has begun to hire in the fields of blockchain development, and project management to support the expanding pipeline of opportunities that the company will handle.

Australian entrepreneur Jordan Fogarty, the founder and CEO of Be Media, will retain a significant minority ownership and continue his role as CEO of the acquired entity, with responsibility for all business operations.

Fogarty is an early investor and supporter of Animoca Brands, and has previously served on the board of OliveX Holdings Limited, the fitness metaverse company created and spun out by Animoca Brands.

Yat SiuYat Siu, co-founder and executive chairman of Animoca Brands said, “The acquisition of Be Media will allow Animoca Brands to extend its core capabilities to support the Australian market and beyond.

“There are tremendous opportunities in Australia and the acquisition of Be Media will enhance our ability to work with companies that wish to participate in the exciting opportunities presented by the emerging open metaverse.”

Fogarty, the founder and CEO of Be Media, said, “I’m honoured to have the opportunity to support cherished Australian brands who want to explore opportunities in this space and introduce their customers to the metaverse, NFTs, and the power of digital property rights.”

Be Media was founded in 2013 and has established itself as a premium player in the Web 2.0 space focusing on digital strategy, search, and social advertising. The company has offices across Perth, Sydney, and Melbourne, and high-profile clients including Audi, Harley Davidson, and Finbar.

Animoca Brands has a growing portfolio of more than 170 investments in NFT-related companies and decentralised projects that are contributing to building the open metaverse, including The Sandbox, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.

In January 2022 they raised approximately $360 million in fresh funding at a valuation of more than US$5 billion.