Singapore’s Temasek leads latest funding rounds for fintechs Immutable and Amber Group


Singapore investment company Temasek has led the latest funding round for Australian blockchain start-up Immutable, securing US$200 million (S$271.3 million) in Series C financing to value the company at $2.5 billion (S$3.4 billion).

The funding round also saw ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global join as new investors in Immutable – one of Australia’s fastest-growing unicorns.

Immutable said the latest investment will accelerate its global expansion and bring blockchain gaming to the masses. It will be used to meet increasing demand for its platform to support gaming partners, acquire new customers, and explore M&A opportunities.

Immutable is a pioneer in non-fungible token (NFT) technology, and its Immutable X platform builds scalable games and solutions which enable NFT trading on leading public blockchain Ethereum.

The Immutable Gaming Studio features flagship games Gods Unchained, one of the largest blockchain games by players, and Guild of Guardians.

“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” Immutable chief executive James Ferguson said in a statement.

“Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.”

As part of its ongoing strategic focus on innovation and technology, state-owned Temasek has also been active in other fintech funding deals in the past month.

In late February, Temasek led the US$200 million (S$271.3 million) Series B+ funding for Singapore-based crypto fintech Amber Group, valuing the company at US$3 billion (S$4.07 billion).

The Series B+ round is the largest investment in Amber Group and involved existing shareholders including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures.

Founded in 2017, Amber Group is a global digital asset platform with assets under management growing to more than US$5 billion (S$6.8 billion) since inception. Amber’s services include algorithmic execution, electronic and over-the-counter (OTC) market-making derivatives, structured products, advisory services, and consumer app WhaleFin.

“From radically transforming the concept of ownership and value in the global economy, digital assets are redefining the way we live outside of the financial ecosystem,” Amber Group’s global chief executive Michael Wu said in a statement.

“At Amber Group, we want to do more than just enable mainstream digital asset adoption. We want to help create a digital future where digital assets empower people with the opportunity and agency to shape a better world for all.”

In other recent investments, Temasek joined the latest cash injection in New York-headquartered Ethereum infrastructure start-up ConsenSys as a new investor along with Microsoft and Japan’s Softbank. ConsenSys raised US$450 million (S$610 million) in the financing, raising its valuation to US$7 billion (S$9.5 billion).

Temasek Holdings is also a returning investor in regional venture capital firm Wavemaker Partners, which recently raised US$136 million (S$184.4 million) for its fourth fund which focuses on early-stage enterprise, deep tech, and sustainability start-ups in Southeast Asia.