UAE’s Metaverse Startup MetaFi Raises $3 Million

MetaFi, a UAE-based metaverse company, has raised $3 million in new funding from the numerous players in the Web3 industry including: DoublePeak Group, Maven Capital, OKX Blockdream Ventures, Megala Ventures, Magnus Capital, Legion Ventures, SL2 Capital, X21 Digital, Good Games Guild, MetaGaming Guild, and Mintable Go! Fund, alongside participation from Athena Ventures.

Founded in 2021 by Matt Danilaitis, MetaFi provides a wide range of services related to decentralized finance (DeFi) and non-fungible tokens (NFT) across the metaverse, Gamefi, SocialFi, and Web3.

“Most trading platforms compete with nearly identical products. MetaFi reimagines the trader’s experience: making trading fun, engaging, and social,” Danilaitis tells StartupScene. “With the Trading World, MetaFi will aggregate major decentralized protocols with deep liquidity, wrapped in a new gamified trading environment, designed to be a seamless onramp for non-crypto audiences. We are grateful for the support from our strategic partners as we bring Web3 asset trading to the masses.”

The startup plans to use the new funding to build its first core product, the Trading Metaverse, a new social trading experience that is governed by its users. It is estimated that more than 90,000 people are on the waitlist for the platform to launch later this year.

The global metaverse market is valued at $47.48 billion in 2022, with a growth rate of 39.44% CAGR to a valuation of $678.80 billion by 2030, according to data by Strategic Market Research. Some metaverse startups in the region tapping into this market include UAE-based Eikonikos, which raised $2 million in 2022; and Dubai-based Everdome, which raised $10 million also this year.