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Metaverse VC Roundup: Brave Group Adds $10M to Series C

Last Updated: April 24, 2023
Boardroom’s latest metaverse VC roundup also includes fundraising updates from Doodles, Atmos Labs, and NFTPort.

NFT.NYC is wrapping up, and despite the recent crypto downturn, there is still hope and trust flowing through the cryptocurrency industry.

That’s even more apparent with the venture capital deals announced since our last Metaverse VC Roundup. Here’s the latest breakdown of some of the funds pouring into companies building in the Web3 space.

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Brave Group: Additional $10M to Expand Metaverse Business

Japan-based virtual IP company Brave Group raised an additional $10 million to add to its Series C, bringing the round’s total to $18 million. The round was led by Dawn Capital and Osaka Gas.

Founded in 2017, Brave Group develops and operates virtual IP and provides metaverse marketing solutions. The company plans to use its additional Series C funding to expand its services globally and develop more products.

“As the boundary between real and virtual life disappears, the form of entertainment will also change,” Kazuhiro Ishikura, general partner of Dawn Capital, said in a statement. “As the metaverse market grows globally, we believe that the Brave group’s content will be at the center of the enthusiastic virtual communities that will emerge. We hope that the strength of the anime and manga culture that Japan has cultivated over the years will be brought to the world virtually.”

Doodles Secured Funding From Seven Seven Six

Web3 media brand Doodles has had a huge week as the company secured an undisclosed amount of funding from Alexis Ohanian‘s Seven Seven Six venture capital firm. Seven Seven Six co-founder and brand expert, Katelin Holloway, will also join Doodles’ board, as Boardroom previously covered. The announcement news came as the popular NFT project also announced its second collection is on the way, and Pharrell Williams is joining the company as its new chief branding officer.

This is Doodles’ first major funding raise, and Ohanian shared on Twitter that the funding will go toward “innovative launches and partnerships.”

Atmos Labs: $11M to Develop Metaverse Sports Games

Atmos Labs, a blockchain gaming developer, raised an $11 million seed round to develop metaverse-native sports for its virtual world set in a sci-fi environment. The round was led by Sfermion with participation from Animoca Brands, CoinGecko Ventures, Avocado Guild, UniX Gaming, and more. 

Atmos Labs will use the seed funding to begin building out its play-and-earn gaming world with an emphasis on an esports component. The company will launch a campaign in the coming months to test out some gameplay aspects in its virtual environment.

“People are going to congregate around the spectacle of competition in the metaverse just like they do in the physical world. We are building metaverse-native sports and entertainment — a category we believe will bring excitement and substance to the metaverse concept writ large,” Atmos Labs Founder and CEO Kevin Beauregard said in an official release.

NFTPort: $26M to Improve its NFT Infrastructure

NFTPort, an Estonia-based NFT infrastructure provider for developers, closed a $26 million Series A to scale its platform and update its API products. The round was led by European venture capital company Atomico and an investment group called Taavet+Sten.

NFTPort launched less than a year ago, so this funding raise is a major win for the Web3 startup. The company reports that 30,000 developer teams use its flagship platform including Nifty Gateway and Protocol Labs.

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