METAV.RS, a French start-up that helps luxury brands and retailers operate in the metaverse, has roped in €3 million in seed funding. The round was led by Jsquare, a Singapore-based Web3 fund, global consulting firm Sia Partners (via investment arm Studio), and investment fund 50 Partners.
Founded last year by a group of “geeks, transformation specialists and entrepreneurs”, METAV.RS provides a -code content management platform that helps brands enter the metaverse and run their offerings – stores, virtual worlds or miniverses – in the Web3 space.
The company also provides software that facilitates the creation and sale of NFTs or dematerialised goods that can be stored or traded in the metaverse (in Decentraland and Sandbox), while enabling compatibility with major e-commerce platforms and social networks.
Operating out of France and Hong Kong, METAV.RS aims to become the “Shopify of the metaverse,” said co-founder Clément Foucher. “We have a similar business model with our plug and play solutions from virtual dressing rooms to digital twins.”
Having gained early success, METAV.RS has now secured funding from a group of investors, which includes several well-known angels such as Sébastien Borget (The Sandbox co-founder), Joel Hazan (Managing Director and Partner at BCG), and David Balland (Ledger co-founder), alongside the lead investors Jsquare, Sia Partners and 50 Partners.
METAV.RS will use the funds for further development of its technology platform, account management to fuel global expansion, and headcount expansion. The Paris-headquartered start-up currently has some 20 employees and plans to double its headcount by the end of 2023.