Improbable to raise US$ 111M at US$ 3.6B valuation
Improbable, a UK gaming technology startup, is set to raise US$ 100 million in a new funding round, which would value the company at $3.6 billion, up from its last $2.8 billion valuation in 2018.
The latest funding round was led by blockchain technology company Elrond.
‘We are now a financially sustainable business with a really interesting growth rate because we found product-market fit in a new sector,’ Improbable CEo Herman Narula told the Financial Times.
The firm creates Metaverses and virtual experiences for Web3 companies and is best known for developing Bored Ape Yacht Club’s ‘Otherside’ Metaverse in partnership with Animoca Brands which the CEO said has contributed a significant part of its revenue in 2022.
The new funding arrived despite the weak investment economy and Improbable’s decade-long struggle to develop video games, which it abandoned in April 2022 and saw new success when it pivoted into Web3 and raised US$ 500 million from SoftBank in 2017. The funding round marked the biggest funding round for a British start-up at the time.
In April, Improbable launched a Web3 infrastructure entity M² to provide the technology for interconnected virtual worlds. M² was valued at US$ 1 billion after it raised US$ 150 million from Softbank and a16z, and others.