Metaverse startup Cyber has raised $6.7 million from a bevy of big-name NFT investors

Quick Take

  • The startup has just unveiled a new feature that links together collectors’ virtual showrooms through a central portal.
  • In November, it quietly closed a $6.7 million fundraise led by Variant, the ‘ownership economy’ investor.

It’s been a busy few months in the metaverse for Cyber, a startup that builds virtual showrooms for non-fungible tokens (NFTs).

Cyber has just unveiled new functionality that allows users to connect with each other using a portal with ‘doorways’ — each leading to a gallery curated by a different user. The firm had posted a teaser of the portal product on Twitter on January 10.

Now, Cyber’s founder Rayan Boutaleb tells The Block that it quietly raised $6.7 million in November in a round led by Variant, the ‘ownership economy’ seed-stage investor that itself raised $110 million for its second fund in October.

A bevy of big-name NFT collectors also invested — including Cozomo de’ Medici, artist Joey Colombo, Product Hunt founder Ryan Hoover, Adobe’s chief product officer Scott Belsky, Not Boring founder Packy McCormick, Art Blocks founder Erick Calderon, and the pseudonymous trio of 6529, DeeZe and Gmoney. Three Arrows Capital and TCG Capital Management, the investment firms, also participated.

Boutaleb did not disclose the startup’s valuation. He plans to use the proceeds of the raise predominantly for hiring while remaining “completely product-led.” Cyber’s mission, he adds, is to “allow people to deploy immersive spaces, no matter how big or small.”

A bottom-up metaverse

The term metaverse has been all the rage among investors over the past six months, with Facebook’s rebrand to Meta in October only adding to the hype.

The concept of the metaverse — coined in Neal Stephenson’s science fiction novel Snow Crash and popularized by other novels like Ready Player One — refers to a virtual reality space in which users can interact with each other.

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