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Metaverse VC Roundup: 2022 Year in Review

2022 was a year to remember in the metaverse VC world, complete with multi-million- (and sometimes billion-) dollar raises and investments.

Epic Games pulled in one of the biggest deals when the video game and software developer nabbed $2 billion to continue building on its metaverse ambitions, specifically to develop digital sports fan experiences and other virtual production initiatives. This was a big one, but venture capital flow was down in some areas, and skyrocketing in others. What’s remained the same is that companies are still pouring dollars into the unpredictable, yet progressive space.

We’re going to keep this latest version of Boardroom’s Metaverse VC Roundup simple and sweet by laying out the top crypto funds and Web3 venture capital deals announced in 2022.

Top 5 new crypto funds investing in Web3:
  • A16z‘s $4.5 billion crypto fund: The Silicon Valley firm raised its fourth crypto fund to invest in crypto and blockchain companies.
  • Animoca Brands’ $2 billion fund: The blockchain and gaming leader launched the Animoca Capital fund to invest in middle- and late-stage metaverse startups.
  • Dragonfly capital’s $650 million fund: The crypto-focused VC firm launched its third venture fund to continue investing in crypto startups.
  • Binance Labs’ $500 million fund: Crypto exchange Binance launched its own venture capital fund under its VC arm to capitalize on the slowing crpyto industry.
  • Multicoin Capital’s $430 million fund: The firm is using its third crypto fund to invest in crrypto companies with plans to deploy all of the capital by mid-2023.
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In addition, a bunch of Web3 VC deals closed this year. These were the most impactful:

Top 10 Web3 VC deals from 2022:
  • Yuga Labs’ $450 million investment: Bored Ape Yacht Club’s parent company raised the big bucks to build its NFT metaverse, Otherside.
  • OneFootball’s $300 million Series D: The Berlin-based soccer gaming and media company raised the funds to expand, invest in Web3 companies, and launch a joint venture called OneFootball Labs with Animoca Brands and Liberty City Ventures.
  • Mysten Labs’ $300 million investment: The crypto company closed the round led by FTX Ventures at a $2 billion valuation. (We’ll have more to come on FTX’s investments and what’s to come of them soon)
  • Immutable’s $280 million Series C: The developer of the Immutable X platform saw its valuation rise to $3.5 bilion with this round as it works to take blockchain gaming global.
  • Uniswap Labs’ $165 million Series B: The developer of the largest decentralized exchange closed the round at a $1.66 billion valuation to invest more in its app and build out developer tools.
  • KuCoin’s $150 million pre-Series B: The crypto exchange now valued at $10 billion is using the funds to expand its product offerings and break more into the broader Web3 market.
  • Magic Eden’s $130 million Series B: The one-year-old NFT marketplace used the funds to expand its primary and secondary platforms to support more blockchain networks aside from Solana.
  • Animoca Brands’ $110 million strategic investment: The prominent gaming brand is putting the funding toward investments, acquisitions, product development, and intellectual property licenses.
  • Doodles’ $54 million Series A: The NFT project quietly raised $54 million at a $704 million valuation to fund product development, acquisitions, media, more experiences for collectors, and proprietary technology.
  • PROOF’s $50 million Series A: The organization behind the Moonbirds NFT project is using the funding to build out its development team, launch a Moonbirds DAO, create a social platform, and release a new NFT collection.

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