Home News Niantic raises $300M at a valuation of $9B to create a metaverse

Niantic raises $300M at a valuation of $9B to create a metaverse

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Niantic, the team behind the development of the Pokemon Go game has announced the raising of $300 million from Coatue Management. Therefore, the company’s valuation reached $9 billion.

According to the press release, the funds will go to investments in current games and new applications. Moreover, the expansion of the Lightship developer platform, as well as the Real-World Metaverse project.

“Niantic is building a platform for augmented reality (AR) based on a 3D map of the world that we believe will play a critical role in the next transition in computing”. Said Matt Mazzeo, the General Partner of Coatue.

A more magical world of the future

The company did not specify whether it will focus on blockchain, cryptocurrencies, or non-fungible tokens (NFTs).

John Hanke, the CEO and founder of Niantic said “We’re building a future where the real world is overlaid with digital creations, entertainment and information, making it more magical, fun and informative. This will take a significant investment of talent, technology and imagination”.

The company also stressed in the announcement that tens of millions of people play Niantic’s monthly. Pokemon GO and Ingress gamers have walked over 17.5 billion kilometers over the years.

Supporting metaverse

Recall that previously in October, Facebook change its name to Meta. Mark Zuckerberg called the metaverse “the next evolution of social connection”. From December 1, the company’s shares will start trading under a new MVRS ticker.

Later in November, Hong Kong gaming platform The Sandbox raised $93 million to create a metaverse. Funding round led by SoftBank’s Vision Fund 2. True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Animoca Brands and others participated in the investment. For the same purpose, the blockchain firm Enjin launched a $100 million fund.

In addition, the Sfermion investment company has raised $100 million to accelerate the creation of a decentralized metaverse. Its goal is to accelerate the emergence of a decentralized metaverse by investing in infrastructure, the report said. Thus, among the strategic investors were billionaire Alan Howard, Cameron and Tyler Winklevoss, Chris Dixon, Marc Andreessen, Matthew Rozhak, Digital Currency Group, CMT Digital and Animoca Brands.

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