Alan Howard joins $11 million seed round for metaverse developer Atmos Labs

Quick Take

  • Atmos Labs has raised $11 million to build a “play and earn” metaverse.
  • Its first game will be ExoGP, where “Formula 1 meets flight.”

Atmos Labs has raised $11 million in a seed funding round to develop its "play and earn" metaverse.

Sfermion, an investor focused on non-fungible tokens (NFTs), led the round, according to an announcement on Monday. British hedge fund billionaire Alan Howard, Animoca Brands, Collab+Currency, FBG Capital, GSR, CoinGecko Ventures and Avocado Guild also participated, among several others.

Atmos says it will offer metaverse-native sports, in which players will also be able to own their gear, teams, identities and moments. "Atmos will deliver AAA-quality competitive gameplay and rich narratives that today are not very present in metaverse gaming," Kevin Beauregard, founder and CEO of Atmos Labs, told The Block.

"Atmos will deliver the promise of play-and-earn as opposed to play-to-earn. The game always comes first, with web3 technologies powering players and enabling economic layers," he added.

Beauregard said the round closed in March. He declined to comment on the valuation it gave Atmos or whether it was an equity or a simple agreement for future tokens (SAFT) round. 

The first game

Atmos's first game will be ExoGP, which is described by Beauregard as "Formula 1 meets flight." 

Players will race with each other to be among the first to cross the finish line. There will be three core player activities: mining (resource gathering), fabricating (crafting) and competing (initially flight racing), said Beauregard.