In a move that seems both bold and risk-laden, Shara Senderoff and Aaron McDonald, the co-founders of AI and metaverse company Futureverse, have propelled forward in the world of venture capital by launching a fresh $50 million venture fund and studio. As per an August 3 announcement, aptly naming their fund “Born Ready”, the co-founders aim to invest in potential-oozing technology enterprises offering collaboration opportunities with either Futureverse or metaverse blockchain, The Root Network.
While the initiative seems lined with the possibilities of advancing the frontiers of AI and blockchain technology, a sense of dilemmatic swing seems apparent, as with any high stake venture. On one end, it sends out high positive vibes with firms like FCTRY Lab, Power’d Digital, Polemos, and Walker Labs already under Born Ready’s umbrella. On the other end, its risk-laden nature is palpable, with the fund being rooted in emerging technologies, a field notorious for its unpredictable swings and drastic turnarounds.
Not new to venture capitalism, Senderoff has previously founded Raised in Space, a blockchain venture fund that invested in over 20 crypto startups. Aaron was co-founder and managing director of the NetX fund, which had investments in over 60 portfolio companies. With this move, the firm plans to roll out an accelerator program soon.
Further, there is palpable optimism in Futureverse. This was earlier demonstrated through a $54 million Series A round involving major contribution from Ripple Labs that led to the consolidation of 11 metaverse companies into one ecosystem. Developers assured the funds would be allocated for building Futureverse Platform and The Root Network, both of which are dedicated to creating metaverse decentralized applications.
However, alongside this upbeat scenario is a grim picture of Web3 and crypto venture capital funding falling 79% year-over-year to $779 million over 62 deals in June. The contrast is apparent, but so is the resilience and the dogged belief in technology being the guide rope to the future. Amidst uncertain terrains and hesitant investors, moves like Futureverse’s fund launch accentuate an unwavering belief in frontiers yet to be explored. Their place in this unfolding saga of technology seems relatively new, yet their future-directed approach appears seasoned. It’s the grand blockchain narrative- etching progress and confidence in seemingly contrasting scenarios.
Source: Cointelegraph
