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Monday, February 26, 2024
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Niantic Raises $300M to Build Metaverse

  • Niantic has raised $300 million.
  • The software development company will use the money to build a metaverse.
Niantic/Design: Alex Brooks

Niantic, the creator of augmented reality gaming hit “Pokémon Go,” has raised $300 million, valuing the company at $9 billion.

The California-based company will use the money from tech-focused investment manager Coatue to build the “real-world metaverse.”

“You could call it the ‘real-world metaverse’ to distinguish it from the virtual video game version,” Niantic founder and CEO John Hanke said last month. “I think we are just going to experience it as reality made better: one infused with data, information, services, and interactive creations.”

Niantic adds to a growing list of tech companies building metaverse apps, which are projected to reach over $3 billion in consumer spending in 2022.

  • Microsoft announced an integration with its office-focused Microsoft Teams software and metaverse platform Mesh with an eye toward gaming.
  • Disney CEO Bob Chapek said he envisions building a metaverse using streaming service Disney+ as a platform.
  • Nike partnered with Roblox to build Nikeland, a virtual playspace featuring courts, arenas, and product showrooms with digital shoes and apparel.
  • Epic Games is building a metaverse with a goal to reach 1 billion users, citing its potential to be a “multi-trillion-dollar part of the world economy.”

Last month, Niantic generated $62 million in revenue from its mobile apps, with $29 million coming from iOS and $33 million from Android.

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