Metaverse News Profit's Takes

PortalOne Secures $60M In Series A Funding Round

On January 27th, PortalOne announced it had raised $60 million through an oversubscribed Series A funding round. This money will be used to continue building out the company’s platform as the organization prepares to launch its PortalOne Arcade later this year.

Tiger Global led this most recent funding round. Additional participation came from TQ Ventures, Temasek, Avenir Growth, Founders Fund, Talis Capital, Connect Ventures, Animoca Brands, Access Industries, Coatue Management, and several “high-profile angel investors.”

PortalOne is a play-to-win interactive service that was founded in Norway in 2018. The organization claims to be “the world’s first hybrid games platform.”

The PortalOne Arcade is expected to launch during the first half of this year. The platform will be a “new category of interactive entertainment that seamlessly embeds live shows into games.”

The Profit‘s Take:

All the major acquisitions made this story fly under the radar. A lot of high-profile investors took part in this round, which comes eight months after their $15 million seed round. I honestly am not sure what the vision is here. But, they’re clearly interested in the metaverse and universe building. This almost sounds too good to be true. It’s just not clear what the experience will be like, but I think part of that can be blamed on TechCrunch for not writing the article clearly. There are three scenarios here: 1. we don’t understand what investors are seeing, 2. there’s genuinely something here, or 3. the hype is fooling some of the smartest investors on the planet. I would love to see PortalOne’s deck. They should come on the Business of Esports Podcast to tell us more about their plan.

(All information was provided by Forbes and TechCrunch)

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