British startup Improbable, which is building the infrastructure for the Otherside metaverse for Yuga Labs, is poised to raise a further £100 million ($111 million). The Financial Times reports.
The round is led by Elrond, a technology blockchain company. It is expected that the startup will be valued at over £3 billion ($3.3 billion). In 2018, this figure stood at £2.5 billion ($2.8 billion).
Investment pours in despite a weak investment climate in the tech startup space. In 2021, Improbable posted a loss of £152 million ($171.6 million).
Co-founder and chief executive Herman Narula said that a shift toward building metaverses has positively affected the company’s finances. Thanks to the collaboration with Yuga Labs, by 2022 he expects revenues to triple to over $100 million.
In 2017, Improbable received $502 million from SoftBank.
In April 2022, the startup raised $150 million to build the M² network of interoperable metaverses.
In July, Yuga Labs published the Otherside project lite paper.
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