Quick take:
- Upland has raised an additional $7 million in an extended Series A round bringing the total to $25 million.
- The round was joined by new investor EOS Network with participation from C3 Venture Capital and Animoca Brands.
- The fresh funding will be used to accelerate the development of its open metaverse platform as it strengthens its position in blockchain gaming.
Upland has secured an additional $7 million in an extended Series A round. Open-source blockchain developer EOS Network Ventures joined the round as a new investor with participation from existing investors C3 Venture Capital, Animoca Brands and angel investors.
The fresh funding follows the company’s $18 million fundraising in 2021, bringing the total raised to $25 million. Upland plans to use the funds to accelerate the development of its open-metaverse platform and strengthen its position in the blockchain gaming space.
The Metaverse super app will also use some of the funds to make its utility token “Spark” outside of the Upland platform on Ethereum.
In March 2023, the EOS Network Ventures launched a $20 million GameFi Fund for the development of games and dApps on EOS Blockchain. This was done ahead of launching its Ethereum Virtual Machine (EVM)-compatible layer, which enables apps like Upland to make their tokens tradable on Ethereum.
Over the past year, Upland has added new features to its super app including a new car racing game with in-game racing features and a 3rd party developer platform, among others.
According to the announcement on Friday, Upland now has over 3 million registered accounts on the EOS blockchain and nearly 300,000 virtual property owners.
Commenting on his company’s participation in the extended Series A round, Yves La Rose, Director of EOS Network Ventures said: “Upland’s ability to offer a captivating web2 experience that seamlessly abstracts away the intricacies of blockchain technology while delivering the advantages of true asset ownership perfectly aligns with our vision for the future of the gaming industry.” This investment is part of EOS Network Venture’s inaugural ENV’s GameFi fund.
Upland’s metaverse platform offers a mirror image of the real world, including international cities like London, Tokyo and Berlin, and global competitions like FIFA World Cup Qatar 2022™, and FIFA World Cup Australia & New Zealand 2023™, among others.
Creators and players can engage in a variety of activities including virtual property trading, world-building, collecting, and fun competitions like car racing.
Dirk Lueth, Co-founder and Co-CEO of Upland commented: “We welcome EOS Network Ventures as a new investor for Upland. Yves and his team have been very supportive in the past and we look forward to doing even more together in the future.”
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