Saturday, July 2, 2022

Go1 Founders Back Game Licensing Marketplace Layer in $3.9M Metaverse Play

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Brisbane License Marketplace Low raised $3,888,888 in Seed funding

The round was led by Carthona Capital, with support from Aura Ventures, TEN13, Flying Fox, Black Sheep Capital, LUXEM, Tribe Ventures and several angels, including Go1 co-founders Chris Eigeland and Vu Tran.

Layer’s marketplace connects games with leading rights holders, including Bruce Lee, Narcos, CareBears, MG and Snickers. It allows game developers and publishers to license these properties for use in their games.

The cap is being used to accelerate its global market efforts with hubs in the US and UK, in addition to the company’s development headquarters in Brisbane.

The startup emerged from Startmate last year and received a pre-seed round led by Common Sense Ventures, with the company raising a total of $4.2 million.

Co-founder Rachit Moti came up with the idea for Layer after licensing a song from a band he played in for a NASCAR video game soundtrack. He then worked with Chris Illuk, who first met him in 2014 when they were working on their own first startups. Moti led G01’s new market launches in the US, UK and Asia, while Illuk previously served as product lead at Sydney-based geospatial startup Propeller Aero.

Moti, the CEO of Layer, said that IP licensing is paramount to making games attractive to more players.

“When you think about NBA2K, a fully licensed game, or the way Fortnite interacts with Marvel movies, it’s clear that these AAA game publishers understand that bringing in characters that people know and love helps and create more engaging player experiences. ” he said.

“We want to make it as easy for a small team building a web3.0 racing game to work with Porsche or Ferrari as it is for the biggest console studios.

“On the other hand, many rights holders are comfortable making licensed clothing and toy deals, but are not set up to identify opportunities in gaming and the emerging metaverse. Our marketplace brings them together.”

As for the increase figure – Chinese believe that 8 is the happiest number and is associated with wealth and financial success, Moti said: “a little luck can’t hurt – and it’s a bit of a tribute to other advancements in the web 3.0 space.”

Carthona Head Head Jonathon Chow gaming is seen as an important metaverse use case for years to come due to the immersive and multiplayer experience of the space right now.

“Our vision is that for the metaverse to feel real, it needs to consist of content that people know and can relate to. We’ve seen a lot of companies trying to build new worlds within the metaverse, and we believe that as these worlds are built, they should be able to take in pop culture,” he said.

“In a very short period of time, we were impressed with Layer’s ability to build out its platform and partner with leading game developers and IP holders.”

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