NFT venture studio Metaversal has announced that it raised $50 million in Series A funding. The round was led by CoinFund and Foxhaven Asset.
The company announced that the round was oversubscribed, with other participants including Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Galaxy Vision Hill, Narwhal Ventures, NGC Ventures, Rarible, Rockaway Blockchain Fund, 6ixth Event Fund, Spartan Capital, Synthetic founder Kain Warwick, Theta Blockchain Ventures, and Trousdale Sarosphere.
Metaversal is a venture studio and investment firm that is focused on NFTs and curating the metaverse.
According to the company, one of its main goals is “empowering creators to make evocative NFT projects and investing in the companies, creators, designers, and coders that are building the open metaverse.”
The venture studio branch of the company partners with content creators to co-create NFT projects. During the company’s lifetime, it has acquired more than 750 NFTs. Some of the most notable include works from artists Osinachi and Dom Hoffman.
Metaversal will use the newly-raised capital to fund additional NFT purchases for its portfolio. It will also use the funds to introduce “essential businesses” to the metaverse and support its portfolio of venture studio projects.
The “metaverse ecosystem is rapidly scaling to support a vibrant creator economy,” the company said.
Yossi Hasson is CEO and co-founder of Metaversal.
“We are thrilled to welcome some of the foremost blockchain and technology investors into our mission to invest in the infinite stories of our culture,” Hasson said. “At Metaversal, we do this through supporting the creators that are shaping culture and the future of Web3.”
Jake Brukhman is founder and CEO of CoinFund.
“Metaversal’s dynamic team and combined curation and investment model give them unique visibility into opportunities within this rapidly growing ecosystem. We are excited to help them shape a vibrant, platform-agnostic strategy,” Brukhman said.