The Block16 minutes ago

Published on December 18, 2023 14:20 GMT+00:00edited on December 18, 2023 14:24 GMT+00:00

Improbable, a metaverse startup backed by SoftBank and Andreessen Horowitz (a16z), has sold its gaming services subsidiary, MPG, to Irish video game company Keywords Studios for nearly $100 million.

Improbable sold MPG to Keywords for £76.5 million ($96.8 million) — a significant return on investment on the company it acquired for £30 million ($38 million) in 2019, according to its annual statement published today. MPG has 360 staff in 34 countries with clients including Activision Blizzard, Bethesda and Epic.

The sale represents the first exit for the firm’s venture arm and is part of Improbable’s divestment of non-core activities. The firm will now focus on scaling up its metaverse ambitions from web2-based projects working with sports franchises to web3 community initiatives with …