IMPROBABLE: THE COMPANY THAT’S RUINING THE METAVVERSE
Highlights
- Improbable, the company that’s been milking the metaverse for all it’s worth, has finally achieved profitability in 2023. Because who needs to make a profit when you can just waste it on unnecessary ventures?
- Revenue increased by 37%, because who doesn’t love a good game of "how much money can we make by exploiting the metaverse?"
- Improbable’s cash position is a whopping £185 million, which is just enough to fund their next big scheme to control the metaverse.
- The company’s focus on the metaverse has resulted in a "rightsizing" of their operations, which is just a fancy way of saying they laid off a bunch of people to make way for more "strategic" hires.
Technological Edge and Market Position
- Improbable has spent a decade developing their high-performance distributed systems, which is just a fancy way of saying they’ve been trying to figure out how to make their technology work.
- They’ve deployed their technology in dozens of commercial applications, which is just a fancy way of saying they’ve been trying to make money off of other people’s ideas.
- The MSquared Platform is now in early access mode, which is just a fancy way of saying it’s still a work in progress.
Successful Shift to Venture Building in 2023
- Improbable announced their transition to a venture builder model in Q3 2023, which is just a fancy way of saying they’re trying to make money off of other people’s ideas.
- They’ve already triggered their first important exit with the sale of their games services business, MPG, which is just a fancy way of saying they sold off a bunch of old technology to make way for new, more profitable ventures.
Support for Ventures for a Fast Start
- Improbable will deploy capital along with a broad set of support services, which is just a fancy way of saying they’ll give you money and try to control your business.
- They’ll also provide strategic advice and simplified operations, which is just a fancy way of saying they’ll try to tell you how to run your business.
A Hands-On Approach for 2024-2025
- Improbable aims to launch multiple start-ups annually, which is just a fancy way of saying they’ll try to make money off of other people’s ideas.
- They’ll also participate in a high-value portfolio, which is just a fancy way of saying they’ll try to control the metaverse.
Quotes
- "A decade ago, we embarked on the challenging yet immensely rewarding journey of focusing on distributed systems for virtual worlds. Over this period, we have honed our expertise in bringing complex technology products to market, seeded and grown businesses, and developed proprietary technology with significant barriers to entry." – Herman Narula, Founder and Chief Executive Officer of Improbable
- "Two years ago, we doubled down on our commitment to the metaverse. In 2023, we recorded revenues of £66 million and achieved a total profit of £11 million, driven by growth, cost discipline, and divestment of high-value assets. We’ve uniquely demonstrated the ability to pursue distinct, real businesses simultaneously. Venture building has proven to be the optimal model for both Improbable and the metaverse, as experimenting with various use cases is key to achieving adoption." – Herman Narula, Founder and Chief Executive Officer of Improbable
- "Through strategic investments in both large partnerships and start-ups, we continue to advance the case for the metaverse. Our ambition is to shape the future, and our experience provides us with unique insights to do so. I extend my heartfelt thanks to our leadership team, especially our CFO, Dan Odell, for their unwavering dedication in propelling Improbable to its current place of strength" – Herman Narula, Founder and Chief Executive Officer of Improbable
- "Entering 2024, we have significantly improved our cost structure, and can count on a strong capital position further supported by the successful exits of our first ventures. Improbable has laid the foundation for executing on its Venture Builder strategy. The portfolio of ventures as we enter 2024 is exciting and I trust in the future success of the business." – Dan Odell, Chief Financial Officer
- "We believe that there are significant unaddressed opportunities in the AI, web3 and metaverse sectors. We aim to identify founders that we can help accelerate by unlocking the capital they need, and providing a foundation for them to operate on. Our goal is for our venture builder model to be the best place to start a business in these sectors" – Peter Lipka, Chief Operating Officer
- "We are proud to continue hosting the highest density virtual events in the world. After primarily using this technology internally, we are thrilled to start opening our platform to external developers later this year, starting with Yuga Lab’s Otherside Developer Kit (ODK). Our next steps involve enhancing this toolset, further developing interoperability on our network, advancing blockchain technology for metaverse applications, and exploring the transformative impact of Generative AI." – Rob Whitehead, Chief Product Officer
