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Boardroom’s Crypto and Metaverse Venture Capital Roundup

Last Updated: July 6, 2023
Yuga Labs isn’t the only company locking in capital to build the next best metaverse. We take a look at some of the biggest investments in web3.

The biggest deal of the quarter, and maybe even the year, closed this week when Yuga Labs nabbed $450 million in venture capital to build out its Yugaverse dreams. Led by Andreessen Horowitz, the round attracted investments from big names such as 3LAU, Gunna, Snoop Dogg, Steve Aoki, and Timbaland.

Yuga Labs’ investment makes clear that the Web3 industry is on the rise and venture firms are ready to continue cutting those checks. Even semiconductor software developer Qualcomm wants to get in on the action with the launch of its new $100 million metaverse investment fund. Newly launched FOV Ventures raised $18 million to invest in early-stage metaverse startups and Nexo, a company that manages a platform for digital asset storage, launched an in-house Web3-focused investment and acquisition fund.

If you needed a sign, there is no better time than now to get into Web3.

Below is a roundup of some more recent funding deals across the crypto and metaverse industries.

Block Tackle: $5M to Develop Blockchain-based Games

San Francisco-based Block Tackle, a new gaming studio that leverages blockchain technology and lets players own their own digital assets, raised a $5 million seed round co-led by Cadenza Ventures and Play Ventures. The company is most known for developing a Solana-based multi-player skateboarding game called SkateX.

Block Tackle is on a mission to transform the traditional gaming model by letting players invest in the games they care about through blockchain and digital asset ownership. The company will be releasing a collection of 3D animated skateboard NFTs ahead of SkateX’s demo launch.

“The future of gaming means embracing blockchain technology, NFTs and crypto — but for many, those concepts are hard to understand at best,” Cadenza Ventures Managing Partner Max Shapiro said in an official release. “We are thrilled to support Block Tackle and its team of seasoned gaming veterans as they usher in a new era in games by redefining the value proposition for players.”      

Some other notable investors that participated in the round include Coinbase Ventures, Solana Ventures, Twitch co-founder Kevin Lin, and Animoca Brands.

Dave: $100M Investment from FTX Ventures

FTX Ventures invested $100 million into a financial services app called Dave to enable the platform to begin offering cryptocurrency services. Launched in 2017, Dave is a publicly trading online banking service that offers various financial tools, including debit cards and no-interest cash advances.

With this deal, the FTX crypto exchange will serve as Dave’s official cryptocurrency partner. The company is stepping in the ring with other leading financial apps such as Cash App, PayPal and Venmo. Dave has also received investments from Mark Cuban, Diplo, and Capital One Ventures.

C2X Nets $25M

Los Angeles-based C2X closed a $25 million funding round led by FTX Ventures, Jump Crypto and Animoca Brands. The raise was conducted as a private token sale, valuing the blockchain gaming platform company at $500 million. On March 18, C2X conducted its Initial Exchange Offering for its native token, the C2X token. The company said it will be announcing the public listing of its native token at a later date.

C2X chose investors for its initial offering based on their history of investing in gaming, blockchain, cryptocurrency, and entertainment. Some of the other investors that participated in the funding round include Terra, Galaxy Interactive, DeFiance Capital, and Crypto.com.

This funding comes as C2X plans to release 10 gaming titles this year, including a play-to-earn game called Crypto Superstars.

London’s Oorbit Closes $5M Seed Round

London-based Oorbit, a metaverse and gaming infrastructure developer, closed a $5 million seed round that included investments from Mark Cuban, HOF Capital and deadmau5’s Pixelynx. In an official press release, the company said it will be “launching in late 2022” with a platform that lets users experience games, events, marketplaces, and interactive media installations. Oorbit’s all-in-one platform is supposed to let people move between different steaming experiences without interruptions, downloads, or extra hardware costs.

“As the metaverse moves from our imaginations into actual entertainment, experiences and products, Oorbit’s founders have created an innovative platform where developers, publishers and brands can create and more easily deliver their most compelling work,” Mark Cuban said in an official statement. “Best of all, and core to their plan, Oorbit has put the user at the center of their technology so they enable games and even worlds that will delight all comers, and blaze a path for metaverse growth overall.”

Metaverse Platform Developer Everyrealm Closes Another Celebrity-Filled Round

New York-based Everyrealm, a metaverse and NFT innovation and investment platform developer, closed another big funder round following its $60 million Series A led by Andreessen Horowitz last month.

Everyrealm launched about 10 months ago when it spun out of real estate firm, Republic. In its recent round, the company attracted investments from a portfolio of A-list celebrities including Will Smith, Paris Hilton, Gunna, Baby Keem, The Weeknd, Lil Baby, and Marc Anthony, an official release states.

Everyrealm declined to share the exact amount of its recent funding raise, but revealed that it now values it in the “hundreds of millions.” This recent SEC filing shows that Everyrealm closed a debt investment estimated at $7.4 million on February 25. The company also closed a $6.3 million seed round in October 2021.

“Having such an accomplished roster of people on our cap table is an honor and a testament to the allure of the metaverse opportunity, one where artists and entertainers can foster direct connections with their communities,” Everyrealm CEO Janine Yorio said in an official release.

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Michelai Graham

Michelai Graham is Boardroom's resident tech and crypto reporter. Before joining 35V, she was a freelance reporter with bylines in AfroTech, HubSpot, The Plug, and Lifewire, to name a few. At Boardroom, Michelai covers Web3, NFTs, crypto, tech, and gaming. Off the clock, you can find her producing her crime podcast, The Point of No Return.