Improbable is reportedly set to raise $100m from Elrond at a $3bn valuation.
The metaverse technology company is reportedly securing new capital from blockchain firm Elrond.
≈ £87.3M at $1 = £0.8733 on 4 Oct 2022
A British technology company developing simulation platforms and virtual world infrastructure for multiplayer games and metaverse applications.
Improbable, a UK-based metaverse technology company, is reportedly set to secure $100m in a new funding round from Elrond at a valuation of $3bn. The company, which posted a loss of £152m in 2021, aims to achieve profitability this year, including asset sale proceeds, and operating profitability in 2023.
The latest capital follows a $150m raise in April led by SoftBank and Andreessen Horowitz to establish its M2 metaverse platform. Founded in 2012, Improbable develops multiplayer services and large-scale simulation technology, including its Morpheus platform supporting dense virtual spaces.
From the founder
"We are now a financially sustainable business with a really interesting growth rate because we found product-market fit in a new sector,"
Herman Narula
CEO at Improbable
Investor perspective
"We are excited to invest and build together at a critical time when the value and utility of the metaverse are being defined and shaped,"
Beniamin Mincu
Founder and Chief Executive, Elrond
Investors
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About the company
Improbable
Improbable builds large-scale simulation technology for virtual worlds and metaverse platforms.