On April 7, 2022, Improbable, the UK-based metaverse technology company, announced it has raised US$150 million in funding to establish and develop M² (MSquared), a network of interoperable Web3 metaverses powered by its Morpheus technology. The M² network will combine Improbable Morpheus technology with new services designed to support interoperability, commerce in digital assets, and governance in Web3. It will bring together companies, existing communities and fans in sports, music, fashion, and entertainment and enable them to interact in dense virtual spaces with unprecedented fidelity. The network is being designed to support integration with existing worlds as well as new projects. Improbable has established M² as a distinct entity to better enable governance in partnership with other businesses and eventually with its community. Lead investors supporting M² include Andreessen Horowitz, SoftBank Investment Advisers, Mirana Ventures, Digital Currency Group, CMT Digital, Morgan Creek Capital, Ethereal Ventures, and AllianceDAO. Other notable participating investors include Saranac partners (a private office for entrepreneurs and family capital), Round13 DAF, Zinal Growth (the tech investment vehicle of Guillaume Pousaz), and David E. Rutter.

Wilson Sonsini Goodrich & Rosati represented Improbable in the transaction. The team advising Improbable includes Michael Labriola, Ross Davies, Michael Chern, and Esther Lukman.

For more information, please see Improbable’s press release. Further coverage can be found at Sifted.