Futureverse has raised $54 million in a fresh funding round. The company, comprising 11 startups, has its feet planted in multiple sectors ranging from Artificial Intelligence [AI], Metaverse, Gaming, and Blockchain. The latest Series A round was led by crypto investment firm 10T Holdings. Blockchain payments firm Ripple Labs was one of the other investors.
Ripple Labs has been investing in several companies lately. In mid-Q2, it acquired crypto custody firm Metaco for $250 million. At that time, Ripple’s executive Brad Garlinghouse indicated that the company intends to expand its international presence and widen its service range. Ripple has tied up with several other companies in the recent past and already has an established presence in the cross-border payments and ODL space. Additionally, the launch of its CBDC platform in May, checked another box. Now that the company has invested capital into Futureverse, it is exposed to the Metaverse and Gaming as well.
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Looking Beyond Blockchain
Futureverse intends to officially announce details regarding the latest funding later today. While talking to Bloomberg, Aaron McDonald, Futureverse’s Co-Founder revealed that the turmoil in the crypto market over the past year made fundraising a “tricky process” for the company. He further brought to light that the “massive merger” was quite complicated. Bloomberg pointed out that the company began as a tie-up of eight companies in late 2022. Eventually, it added three more firms under its umbrella.
The firm reportedly laid off about 20% of its staff during its restructuring. At the moment, it has around 250 employees. McDonald asserted that the company is in a “more competitive position” now, even amid the turbulent conditions. He added that the consolidation gave it “a lot more stability and resilience to kind of weather that storm.” The executive acknowledged that blockchain is an important part of Futureverse’s business. However, he clarified that the company’s scope extends way beyond that. He said,
“I don’t want people to think of us as a blockchain company, because that’s like 10% of our tech stack.”
The market’s attention has evidently shifted from the Metaverse to AI lately. However, McDonald pointed out that both technologies will prevail together. According to him, the hype is currently “underplaying” the impact.
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