London-based Metaverse Company Improbable Shifts Focus to Venture Building
Improbable, a London-based metaverse company, has recently announced a change in its focus. After reducing losses by 85%, the company is now shifting its attention from virtual experiences for video games and defense to becoming a “venture builder.” Improbable plans to develop “metaversal experiences” and venture building, with support from its experimentation arm, Improbable Labs.
In 2022, the company significantly reduced losses from £131 million to £19 million, while also experiencing a revenue growth of 2.6x to £78 million. To achieve profitability, Improbable reportedly reduced its headcount by over 10%. The company’s founder, Herman Narula, previously stated that he expects Improbable to be profitable in 2023.
Since its establishment in 2012, Improbable has raised $704 million through seven funding rounds. Notable investors include Softbank, Elrond, and Valour.
“The focus is now on industrializing what we are doing by being involved in more events with more people where there is scope to drive and monetize engagement levels.” – Dan Odell, Improbable CFO
Hot Take: Improbable Shifts Gears Towards Venture Building in the Metaverse
Improbable’s decision to pivot towards venture building marks a strategic move for the London-based metaverse company. By focusing on developing “metaversal experiences” and establishing partnerships through venture building, Improbable aims to further monetize engagement levels. This shift comes after the company successfully reduced losses by 85% and experienced significant revenue growth. With plans for profitability in 2023 and strong backing from notable investors, Improbable is poised to make a significant impact in the metaverse industry.
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