The metaverse platform that allows users to buy, own, build, develop high-end real estate, Metamall, closed its initial dex offering (IDO) to raise $400k.
IDO is a private investor-following fund-raising method popular amongst crypto-based ventures. The company stated that it had raised more than $7 million from private and public investors as part of the IDO round.
The company had closed a $4.6 million pre-IDO through token sales with participation from investors including 316VC, MarsVC, Halvings, HVS Ventures, CCK ventures, and Whitelist Ventures, among others, in December last year. The platform had also raised $2 million from the sale of NFT land.
“We have reached the public round of fund-raise and look forward to making the platform live in 3-6 months. Our MVP (Minimum Viable Product) will be live by April,” said Serge Gianchandani, Co-Founder of Metamall.
Serge Gianchandani and Sahan Ray co-founded the company in 2021 based on the Solana blockchain network. It offers the users services to acquire virtual real estate and generate money by leasing, staking, advertising, and developing it according to their preferences.
“Users will have the opportunity to own real estate, connect to brands and rent them or directly set up their experience centers. We have made land parcels suited to all use cases and valued from $200 to $20,000. Use of state of the art and scalable tech by our very talented team,” added Gianchandani.
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