LONDON and WASHINGTON, Nov. 16, 2021 /PRNewswire/ — Dubit, the games studio and developer of virtual worlds for twenty years, has raised USD $8M to launch the world’s first live esports league in the metaverse, starting in Roblox. Dubit works with companies such as Disney, Facebook and Lego, and is already taking brands into Roblox.
The funding round was led by Metaventures and French investor Jean-Charles Capelli, valuing Dubit at USD $55 million. The company will now expand its existing metaverse activity, introducing Metaverse Gaming League (MGL) to pioneer branded gaming events and esports tournaments. Metaventures and Dubit are also creating consumer lifestyle experiences such as concerts and fashion shows for the metaverse.
Currently in beta, Metaverse Gaming League hosts regular live-streamed events in Roblox, the gaming and social platform with over 200 million monthly users. Events take place in popular games, and unlike professional esports events MGL offers everyone the chance to participate and win prizes, not just the elite players. Following its launch on Roblox, it will expand to other leading metaverse gaming platforms, such as Minecraft and Core.
Announcing the raise, Dubit Co-Founder, Matthew Warneford, commented:
“We’re delighted to be working with Jean-Charles Capelli to pioneer new ways in which brands can enter the metaverse, such as through our Metaverse Gaming League. The investment will also allow us to create massively interactive live events in music and fashion that brands can partner with. It’s an exciting time for Dubit, putting all of our experience and expertise to work in the metaverse.”
Metaventures’ Jean-Charles Capelli added:
“Dubit is in the perfect position to take advantage of the new opportunities in the metaverse. No other company has 20 years experience in developing and launching virtual worlds, combined with a great network of brands and organisations that it works with around the world. As an entrepreneur and musician, I’m proud to invest in Dubit, and I’m excited to help scale up the incredible experiences it creates for users of Roblox and other metaverses.”
Dubit was founded in 1999 by a group of teenagers who created the first Flash virtual world for young people. Now a global team of over 100 people, Dubit creates games and experiences for brands around the world, and has built a world class Roblox team, experience in building games with billions of plays.
As well as creating games for brands, Dubit also partners with many of the top existing Roblox games to introduce branded content for their millions of monthly players. Dubit’s network of partner games already has hundreds of millions of monthly players. In 2022, Dubit will further expand its US presence by opening a studio in New York City.