Metaverse Otherside Developers to Raise $111 Million
British startup Improbable, which is building the infrastructure for the Otherside metaverse for Yuga Labs, plans to raise an additional £100m ($111m) investment.
o It is expected that according to its results, the startup’s valuation will exceed 3 billion pounds ($3.3 billion).
Investments are coming despite the weak investment climate among technology start-ups. In 2021, Impropable posted a £152m ($171.6m) loss.
The company co-founder and chief executive of the startup, Herman Narula, has said that the shift in focus on the creation of metaverses had a positive impact on the company’s finances. Thanks to cooperation with Yuga Labs, he expects a threefold increase in revenue in 2022 to over $100 million.