BAYC Otherside Metaverse Builder Looking To Raise $100M In Funding
BAYC Otherside Metaverse Developers are closing in on a $100M in funding!
The UK-based gaming technology startup company Improbable are reportedly closing in on a new £100 million or around $111 million funding round.
The New Funding
This new funding round was said to be led by the blockchain technology company Elrond and would put Improbable’s valuation at $3.36 billion, way above its last valuation of $2.8 billion back in 2018.
According to the company, 2021 had been an extremely rough year for them, recording a massive $170.4 million, meaning that it had burned through most of the money raised by investors since its launch in 2012, according to Financial Times.
Related: Renga Overtakes BAYC As Second Most Traded NFT This Past Month!
Despite this however, Improbable have stated their optimism for the company’s future and future projects, explaining that these new funds would greatly help to push the company in the right direction.
“We are now a financially sustainable business with a really interesting growth rate because we found product-market fit in a new sector,” Improbable co-founder and chief executive, Herman Narula, told Financial Times.
Contribution To BAYC’s Otherside
With Improbable founded by three gaming enthusiasts, the company mainly focuses on creating new and high quality virtual-world or Metaverse technology.
This was used to their advantage when they collaborated with Yuga Labs and Animoca Brands to create the Otherside Metaverse for the popular Bored Ape Yacht Club (BAYC) NFT collection.
Related: Second Trip To Otherside Metaverse May Take Place At End Of This Year!
The first trip to Yuga Labs’ Otherside earlier this year proved itself to be a massive success, with many in the community complimenting how smooth the Metaverse experience was.
With this, along with the pure popularity and size of BAYC, Improbable CEO has claimed that their work on creating BAYC’s Otherside Metaverse “will form a big part of our revenue in 2022.”
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