Futureverse cofounders launch $50M fund for metaverse startups.
Futureverse cofounders launch $50M fund for metaverse startups.
The world of the metaverse is expanding, with Futureverse leading the charge. With their recent $54 million funding, they are on a mission to improve virtual experiences and make them more accessible to consumers. To further bolster their efforts, Futureverse has launched the Born Ready fund, a $50 million investment pool dedicated to supporting companies that are building the Web3 infrastructure and content.
The Born Ready fund has a range of investment amounts from $250,000 to $2 million, allowing them to back a diverse set of startups. Some of the companies already included in the portfolio are FCTRY Lab, a sneaker startup founded by the former head of Adidas’ Yeezy Innovation Lab, and Walker Labs, a Web3 game studio. These companies, among others, are at the forefront of the metaverse revolution.
However, it is not just about providing capital. The Born Ready fund aims to find companies that can contribute to Futureverse’s intellectual property. Co-founder Aaron McDonald explains, “We’re looking at stuff that isn’t always obvious, and it’s not stuff that the core business might get involved with. It’s kind of adjacent but additive.” This approach ensures that the fund supports projects that add value and expand the metaverse.
While the timing of the Born Ready fund is unique, it is important to note that many venture capital firms, including industry heavyweight Sequoia Capital, have scaled back their efforts in the crypto space due to a market downturn. Funding for blockchain-based startups has also been affected, with decreased investment compared to the boom times of the past two years. This pullback has also impacted enthusiasm for the metaverse, causing prices for virtual land to collapse as investors explore other technologies like artificial intelligence.
However, despite this cooling trend, Futureverse remains undeterred. They have found that their corporate clients and partners are quietly pushing ahead with their metaverse efforts, even if they’re not vocal about it in public. Some clients have explicitly requested not to associate their projects with the term “metaverse.” McDonald explains, “They’re not talking about it in the public domain because it’s not fashionable anymore, but they’re certainly building strategies around it.”
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Co-founder Shara Senderoff emphasizes that Futureverse’s vision of the metaverse goes beyond what some may assume. It is not merely limited to desktop-based games backed by the blockchain. “When you think about the term, the metaverse, we truly believe it’s just the internet. It’s the next evolution,” Senderoff said. This expansive view highlights the transformative potential of the metaverse, embracing its capacity to reshape how we interact, work, and play online.
Overall, the launch of the Born Ready fund by Futureverse signals their commitment to fostering the growth of the metaverse. By providing both financial backing and intellectual support, they are positioned to attract innovative startups that will contribute to the development of Web3 infrastructure and content. Despite the current market climate, Futureverse’s vision for the metaverse remains steadfast, recognizing its potential as the next frontier of the internet.
