April 4, 2023

LandVault Pumps $3 Mln for Metaverse Funding

LandVault Pumps $3 Mln for Metaverse Funding Featured Image

UK-based metaverse builder LandVault pumped an additional $3 million in an extended Series B financing round to enhance the growth of its commercial operations in the markets of Dubai, Europe, Asia, and the US, Tech EU website reported.

Series B financing is the third round of equity financing for new companies, as startups are looking for such type of funding. LandVault attracted other investors like The Sandbox, The Gemini Frontier Fund, HodICo, and Kingsway Capital, whose funding reached $25 million in October 2021.

LandVault will use the funding to develop a protocol easing access to the metaverse called Matera, in addition to investing in AI-powered tools to create more captivating metaverse experiences and promote the monetization of its products.

In a statement, LandVault CEO Sam Huber said his company’s policy focuses on developing the metaverse economy and the advancement of AI technology, noting: “The metaverse needs a ‘WordPress moment’ for anyone to build virtual experiences as easily as a website, and we are investing heavily in R&D to build these tools.”

Meanwhile, COO and Co-Founder of The Sandbox, Sebastien Borget, expressed his delight in supporting one of the most active metaverse builders [LandVault] in its journey to continue to develop their activities and technology, a matter which could inspire other metaverse creators.

LandVault is considered the largest Metaverse real estate company and has finalized 100 million square feet of virtual real estate (worth 1,300 football pitches) across platforms such as Sandbox and Decentraland. It helps global brands to establish their metaverses.

It worked with brands like Heineken, Mastercard, Standard Chartered Bank, and L’Oreal, as well as Web 3.0 projects like World of Women, MAYC, and AlienBoy.

According to a report, issued by McKinsey & Company, over $120 billion had been invested in the metaverse in the first five months of 2022, compared to $57 billion invested last year.

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