Metaverse start-up Praxis raises $15m in Series A funding

The company has previously raised $4.2m in a seed funding round in November last year

A digital image of a person wearing a VR headset to access the Metaverse                                 
Venture firm Paradigm led the investment into Praxis – Photo: Shutterstock
                                

Virtual reality start-up Praxis has raised $15m (£11.4m) in a Series A funding round led by Paradigm with participation from Apollo Projects, Three Arrows Capital, Robot Ventures, and existing investors including FTX Trading CEO Sam Bankman-Fried’s venture firm Alameda Research.

The start-up, which describes itself as a “movement of optimistic pioneers building a new city”, said it will use the funding to support team growth as well as building out its new virtual reality offering. 

The investment into Praxis marks one of many by venture firm Paradigm through its $2.5bn crypto fund, which launched last year. The firm, set up by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang, announced that its new fund will support the next generation of crypto projects.

Building momentum

Praxis has previously raised $4.2m in a seed funding round in November 2021, which saw a multitude of private investors participate including former Coinbase CTO Balaji Srinivasan, and Cameron and Tyler Winklevoss through Winklevoss Capital.

“Today, new technology is giving us the opportunity to build better cities founded on shared values and community. Now we can work from our computers anywhere we’d like,” Praxis wrote in a blog post.

“With this new freedom, we can leave work-centric cities and live with people who share our values. Praxis is leading this movement by building a new city organised around the value of vitality, a principle that unifies across culture, time and space, to enable people to live healthier, more purposeful lives.”

Praxis previously stated that the creation of its virtual community aims to represent a new economy as well as bring together a community of like-minded people.

“Using tokens, we can coordinate as a community to build new cities which represent trillions of dollars of real assets. Praxis is a values-aligned community organised around the shared mission of building a new city that enables us to live more vital lives. We are building a place that is integrated with nature and is default healthy, and with a mission-focus we endeavour to become the global leader in culture and technology,” said the company.

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