Admix, a gaming company specializing in non-intrusive, in-game product placements, has reached a $300 million valuation after merging with LandVault, the metaverse’s largest construction company, the companies announced Monday.
The newly merged entity, which will be branded as LandVault, now counts more than 160 staff among its ranks, including 100 metaverse developers and artists. Adding to the new company’s resources is the $25 million in growth capital Admix raised in its Series B funding round last October and the gaming company’s roster of large brands seeking to enter the metaverse.
The merger enhances the companies’ access to “substantial financial resources and thousands of brand partners,” LandVault founder Ryan Inman said in a press release.
“The merger with Admix gives LandVault enhanced opportunities to lead this metaverse,” said Inman.
Making the decision to merge
The merger comes on the heels of Admix’s first metaverse project launch in February, as the company noticed a large market for building out big brands’ metaverse experiences. In the short time since February, revenue from the company’s metaverse offering has exceeded its media revenue for the past two years, Admix CEO Sam Huber told CoinDesk.
As Huber’s team received more and more requests from big brands to help them enter the metaverse, the need for a merger with a metaverse construction company became clear.
As the largest, platform-agnostic metaverse construction company focused on The Sandbox, Decentraland and NFT World metaverses, LandVault was a good match for Admix. The founders also discovered they shared an “aligned sense of vision” for the future of Web3, Huber told CoinDesk.
Crypto winter's impact
Since being founded in 2018, Admix has grown its client list to more than 5,000 advertisers, including Google, Amazon (AMZN), McDonald’s (MCD), Facebook, Uber and PayPal (PYPL), that are looking to engage audiences inside virtual game worlds and, increasingly, the metaverse.
Many companies view the metaverse as the next frontier of digital media advertising and are eager to connect and engage with audiences there, Huber says. And despite recent concerns over the crypto winter that has caused metaverse land values to fall, Huber is confident brands will continue to take the Web3 plunge.
“It's in the mainstream news that crypto is not doing well right now from a price point of view, but I think that's very separate from the promise of the metaverse,” Huber said.“Maybe some brands who are not true believers are going to delay entering the metaverse now, but I think we can still build a very big business on the brands that are brought in.”
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