Pokemon Go Developer Raises $300 Million for Metaverse Project

The Niantic team behind Pokemon Go announced a $300 million funding round from Coatue Management. The company’s valuation was $9 billion.

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According to the press release, the funds will be allocated to investments in existing games and new apps, expanding the Lightship developer platform, and the Real-World Metaverse project.

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\”Niantic is building an augmented reality platform based on a 3D map of the world, which, in our view, will play a decisive role in the next stage of computing technology,\” said Matt Mazzeo, Coatue’s managing partner.

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They did not specify whether they would focus on blockchain, cryptocurrencies, or NFTs.

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\”At Niantic, we believe that people become happier when their virtual world leads into the physical. Unlike a sci-fi metaverse, the real-world metaverse will use technology to enhance our perception of the world as we have known it for millennia,\” said John Hanke, founder of the company.

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In late October, Facebook underwent a major rebrand—now the company is called Meta. Mark Zuckerberg named the metaverse ‘the next stage in the evolution of social connections’.

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In November, the Hong Kong-based gaming platform The Sandbox raised $93 million to create a metaverse. For the same purpose, blockchain company Enjin launched a $100 million fund. Investment company Sfermion raised $100 million to accelerate the creation of a decentralized metaverse.

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For what lies ahead in the metaverses of the future, the barriers to their creation, and the risks involved, read ForkLog’s interview:

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