Upland raises $7M for virtual land Web3 metaverse

Upland has raised $7 million in funding for its virtual land metaverse based on Web3 technology.

Palo Alto, California-based Upland got an early start with its launch of its virtual real estate game in June 2019. Now it has raised $25 million to date, and the company has evolved beyond buying and selling Web3 properties in a virtual version of the real world.

Now the company calls Upland a Metaverse Super App, and it said it’s a leader in the blockchain gaming industry. EOS Network Ventures joined the round as a new investor, alongside existing investors C3 Venture Capital, Animoca Brands, and angel investors.

The fresh infusion of capital will enable Upland to accelerate its mission of building the world’s largest digital open economy. With over 3 million registered accounts on the EOS blockchain and nearly 300,000 virtual property owners, Upland has emerged as one of the most widely-used Web3 apps.

The Series A extension also paves the way for Upland’s utility token, Spark, to be traded outside the Upland platform on Ethereum through a Token Tradability Event. This move aims to enhance the liquidity and accessibility of Spark, further fueling value creation within the Upland ecosystem.

Upland has experienced significant growth and engagement from its community, with a surge in virtual property owners and the successful launch of new features over the past year. Among the notable additions are a car racing app, in-game racing features, a third party developer platform, and partnerships with renowned brands such as NFLPA, FIFA, and Stock Car Pro Series.

The platform’s expansion into international cities, including London, Tokyo, and Berlin, has also contributed to its growing user base.

“We welcome EOS Network Ventures as a new investor for Upland,” said Dirk Lueth, co-CEO of Upland, in a statement. Yves and his team have been very supportive in the past, and we look forward to doing even more together in the future. This investment, along with the continued support of our existing investors, demonstrates strong confidence in our vision to build the largest digital open economy.”

I did a metaverse podcast series with Lueth this summer.

“Upland’s ability to offer a captivating Web2 experience that seamlessly abstracts away the intricacies of blockchain technology while delivering the advantages of true asset ownership perfectly aligns with our vision for the future of the gaming industry,” said Yves La Rose, director of EOS Network Ventures, in a statement. “We are thrilled to announce Upland as the inaugural investment for the ENV’s GameFi fund.”

Upland’s mobile platform for the metaverse, which is mapped to the real world, offers a wide range of activities for players and creators, including virtual property trading, world-building, collecting, and engaging competitions like car racing.

The platform aims to empower entrepreneurs by allowing them to operate their own shops and contribute to a thriving digital economy powered by UPX, the native currency of Upland, and Spark, the utility token that drives value creation within the community.