NFT venture firm Metaversal raises $50m Series A funding
Metaversal, which was only created in 2021, will continue to build out its growing portfolio
NFT investment firm and venture studio Metaversal has raised $50m (£37m) in a Series A funding round to scale its operations and create a vibrant creator economy to support its new projects.
Coinfund and Foxhaven Asset Management led the round, with participation from a multitude of investors including Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Galaxy Vision Hill, Theta Blockchain Ventures and Spartan Capital.
Cashing in on the NFT hype
Founded in 2021 by Yossi Hasson and Dan Schmerin, Metaversal is a relatively new company in the NFT sector that takes an IP-centric approach to co-produce and finance NFT-related projects.
It became the first institutional investor to back Nouns DAO as well as ConstitutionDAO. Metaversal has also invested in technology startups in the open metaverse and Web3, such as NFT storefront builder Holaplex, NFT media firm Now, and the Tezos ecosystem, which is a popular choice for companies looking to launch digital assets on its blockchain. It has acquired more than 750 NFTs since its inception.
CEO Hasson commented: “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. At Metaversal, we do this through supporting the creators that are shaping culture and the future of Web3.”
Company president Schmerin added that the team remains “laser-focused” on expanding its investment capabilities in 2022. “We are incredibly excited by the array of investment opportunities in front of us, as well as the breadth of collaborations now under way with the world’s most recognisable brands and creators.”
CoinFund’s CEO Jake Brukhman added: “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.”
The fresh capital will be used to fund further NFT acquisitions and build Metaversal’s growing portfolio of venture studio projects.
