Gucci

Read

<div class="cryptonews"> 
 <p class="is-style-lead">Improbable, a London-based metaverse company, has shifted its focus from virtual experiences for video games and defense to becoming a “venture builder” after cutting <a rel="dofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> by 85%.</p> 
 <p>In a&nbsp;press release&nbsp;on Tuesday, Sep. 26, the firm said it would focus on the “metaversal experiences” development and venture building, supported by an experimentation arm, Improbable Labs.&nbsp;</p> 
 <p>In 2022, Improbable reduced its <a rel="dofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> by 85%, from £131 million (~$159 million) to £19 million (~$23 million). Over the past year, the company grew its revenue by 2.6x to £78 million (~$95 million).</p> 
 <blockquote class="wp-block-quote"> 
  <p>“The focus is now on industrializing what we are doing by being involved in more events with more people where there is scope to drive and monetize engagement levels.”</p> 
  <p>Dan Odell, Improbable CFO</p> 
 </blockquote> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Metaverse poses ‘unprecedented’ privacy threats, report says 
 </div> 
 <p>2022 was a challenging year for Improbable as the British firm&nbsp;reportedly reduced&nbsp;its headcount by more than 10% to cut <a rel="dofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a>.&nbsp;</p> 
 <p>A spokeswoman for Improbable told news media at the time that the macroeconomic environment was “forcing us to accelerate the path to profitability of our defense business, and we are currently in a collective consultation process with this business.”&nbsp;</p> 
 <p>Herman Narula, Improbable founder, said last year that he expected the company to be profitable in 2023.</p> 
 <p>Founded in 2012, Improbable raised $704 million in seven rounds. </p> 
 <p>According Crunchbase&nbsp;data, the firm was backed by 13 investors, including Softbank, Elrond, and Valour.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Gucci premieres Milan Fashion Week in the metaverse 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/metaverse-firm-improbable-changes-tact-after-slashing-losses-by-85-tbt64178.html">https://thebittimes.com/metaverse-firm-improbable-changes-tact-after-slashing-losses-by-85-tbt64178.html</a></p>

Metaverse firm, Improbable, changes tact after slashing losses by 85%

TheBitTimes

Other articles published on Sep 27, 2023

To March 2024, Venezuela will continue to shut down its cryptocurrency agency.

Fraudster Faces 12-year Jail Sentence for $100M Crypto Ponzi Scheme

Thailand’s SCBX and Hashed Team Up to Advance the Adoption of Web3

BIS chief: countries need CBDC legal frameworks

There's a Long Way Ahead to Make Crypto Safer: Hexens CEO

Uniswap Foundation requests $62.37M to fund ecosytem growth

Join our free newsletter for daily crypto updates!