Leeds-based games studio and virtual worlds developer Dubit has raised $8 million in a new funding round, giving the company a valuation of $55 million. The capital will be used to launch a metaverse-based live esports league, starting with social and gaming platform Roblox of over 200 million monthly users.
Founded in 1999 by a group of teenagers, the Dubit team now encompasses the entire world and numbers more than 100 people. The studio has experience working with major brands such as Disney, Facebook and Lego, and in addition to games and the virtual world. , creates consumer experiences such as concerts and fashion shows for the Metaverse.
The Metaverse Gaming League is currently in beta and is hosting live events on Roblox. Much like your “traditional” esports events, MGL events take place in popular games, but where Dubit aims to make a difference is in democratizing participation and chances of winning prizes, that is- ie not just elite players monopolizing the whole process.
Once successfully launched on Roblox, Dubit plans to bring its offering to other metaverse gaming platforms, including Minecraft and Core.
Funding of $8 million was provided by Metaventures and investor Jean-Charles Capelli.
“Dubit is in the perfect position to take advantage of new opportunities in the metaverse. No other company has 20 years of experience developing and launching virtual worlds, combined with a large network of brands and organizations they work with around the world,” Capelli commented.