Bored Apes' Otherside Builder Improbable Eyes Fresh Funding at $3.6 Billion Valuation
Gaming technology startup Improbable is set to raise a new funding round of $111 million (£100 million) as it sets its sights on creating metaverse worlds for buzzy Web3 firms like Bored Ape Yacht Club-creator Yuga Labs. The hyped, Softbank-backed company is finally close to achieving “operating profitability,” its CEO Herman Narula said. The CEO said its venture with Yuga Labs, where it and Animoca Brands were tapped to create the "Otherside" metaverse, will contribute a big part of its revenue in 2022. The latest round would value the company at $3.36 billion (£3 billion), up from its last $2.8 billion (£2.5 billion) valuation in 2018. According to documents, the company recorded a $170.4 million (£152 million) loss in 2021, which left it with $ 63.9 million (£57 million) in the bank as of the end of last year. Improbable raised the then-largest funding round.
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