Animoca Brands has invested in Igloo Inc., the parent company behind Pudgy Penguins, through a Simple Agreement for Future Equity (SAFE). The investment includes participation from Animoca subsidiaries The Sandbox and Animoca Brands Japan, signaling continued support for web3 intellectual property development.
Pudgy Penguins' Parent Company Igloo Inc. Backed by Animoca
Animoca backs Pudgy Penguins expansion
Igloo Inc. operates Cube Labs, the team building Abstract—a consumer-focused Ethereum Layer 2 (L2) solution tailored for mainstream applications. Animoca's backing opens doors for collaboration between Abstract and Mocaverse, Animoca's own platform, with plans for joint marketing efforts and deeper community engagement across both ecosystems. Yat Siu, co-founder and chairman of Animoca Brands, highlighted the company's focus on IP rights within web3 gaming.
"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."
Igloo Logo
Pudgy Penguins grows beyond NFTs
Pudgy Penguins launched on Ethereum in 2021 with 8,888 unique NFTs, followed by the Lil Pudgys collection of 22,222 tokens. Under CEO Luca Schnetzler's direction starting in 2022, the brand expanded into physical merchandise including plush toys and apparel, moving beyond purely digital collectibles.
The gaming side has grown too. Pudgy World, a social open-world game, was announced in 2023. The brand also teamed up with Mythical Games to create Pudgy Party, a mobile social party game designed to bring blockchain-based experiences to casual players without technical barriers.
Schnetzler said, "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 on-chain community and power the next wave of consumer crypto."
Mythical Games to Develop Pudgy Party
What this means for web3
The deal fits Animoca's pattern of backing projects that combine recognizable IP with decentralized infrastructure. Pudgy Penguins brings an established brand and a growing ecosystem through Abstract, while Animoca provides resources and cross-platform opportunities. The collaboration aims to make blockchain technology more accessible to everyday users, bridging the gap between crypto-native communities and mainstream audiences looking for approachable entry points into web3.
