Futureverse co-founders Shara Senderoff and Aaron McDonald have introduced a new $50 million venture fund and studio.
Futureverse is an artificial intelligence and metaverse firm. The “Born Ready” fund, which will invest in startups with the potential to integrate with Futureverse or the metaverse blockchain The Root Network, was announced on August 3.
According to its co-founders, Born Ready has previously invested in companies like FCTRY Lab, Power’d Digital, Polemos, and Walker Labs. In the past, Senderoff created Raised in Space, a blockchain venture fund that funded over 20 cryptocurrency firms.
McDonald was the managing director and co-founder of the NetX Fund, which has stakes in over 60 portfolio companies. The company claims that it will soon launch an accelerator program.
Before this, Futureverse raised $54 million in a Series A investment that was co-led by 10T Holdings and included funding from Ripple Labs. 11 metaverse businesses were combined into one ecosystem due to the rise.
The Root Network, a blockchain devoted to building metaverse decentralized applications, will be built as part of the Futureverse platform, developers claimed.
The same day, it was reported that as of the second quarter of 2023, losses at Mark Zuckerberg’s Meta and its metaverse subsidiary Reality Labs had exceeded $40 billion.
The Meta CEO is sure, though, that the future is “all going to be smart glasses” and that our time spent using digital gadgets will become “more immersive and look something more like VR.”
The funding for Web3 and cryptocurrency ventures has decreased 79% year over year to $779 million across 62 agreements in June. Less than $2.5 million of the additional financing was given to projects involving nonfungible tokens, while almost all of it was given to blockchain infrastructure projects.
