Venture capital investments in startups focusing on the Metaverse, augmented reality, and virtual reality have seen a consistent quarterly decline since 2021. In 2022, the trend continued, marking it as the year with the least number of funding rounds for Metaverse ventures.
Despite the overall downturn, some startups have successfully secured significant investments. Notably, Metaverse startups garnered $2.1 billion in the last quarter of the previous year, but this figure dropped to $760 million in the third quarter of 2022. This decline was not limited to the Metaverse sector but was observed across various industries.
Amidst this reduced investment climate, some companies have stood out by raising substantial funds. LootMogul, which aims to establish a professional sports Metaverse, recently secured $200 million.
Similarly, Scandit, known for its augmented reality-based barcode technology, achieved ‘unicorn’ status following a $150 million Series D funding round.
Avatar startups had a successful year
In the realm of startups connected to the metaverse, those specializing in avatars emerged as the most successful in attracting investment.
Notably, a company known as Genies garnered an impressive $150 million in funding in April. Similarly, Ready Player Me successfully raised $56 million, while South Machines secured an investment of $70 million.
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