Dubit, which specializes in the metaverse, has revealed that it secured $8 million in a funding round. The fundraising round was led by French investor Jean-Charles Capelli and Metaventures.
Founded in 1999 by teenagers, Dubit’s current valuation stands around $55 million. The developer already collaborates with companies such as Facebook, Disney, and Lego.
Dubit said it will use the money to launch ‘Metaverse Gaming League (MGL),’ which Dubit calls “the world’s first live esports league in the metaverse.” The company plans to expand the league to include Minecraft and Core eventually. Metaverse Gaming League is currently in beta on the Roblox platform.
Matthew Warneford, Dubit Co-Founder, commented: “We’re delighted to be working with Jean-Charles Capelli to pioneer new ways in which brands can enter the metaverse, such as through our Metaverse Gaming League. The investment will also allow us to create massively interactive live events in music and fashion that brands can partner with. It’s an exciting time for Dubit, putting all of our experience and expertise to work in the metaverse.”
“Dubit is in the perfect position to take advantage of the new opportunities in the metaverse. No other company has 20 years experience in developing and launching virtual worlds, combined with a great network of brands and organizations that it works with around the world,” said investor Jean-Charles Capelli in a statement. “As an entrepreneur and musician, I’m proud to invest in Dubit, and I’m excited to help scale up the incredible experiences it creates for users of Roblox and other metaverses.”
Dubit plans to expand its metaverse gaming activity with the Metaverse Gaming League to host branded gaming events and esports competitions. Furthermore, Dubit and Metaventures also host consumer lifestyle events such as fashion shows and concerts in the metaverse.
Metaverse Gaming League hosts frequent live-streamed events in Roblox, the gaming and social platform with more than 200 million active users monthly.
Since its formation, Dubit has been in the game development scene and has more than 100 employees.
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