Montreal-based Lighthouse Labs announced on May 11 that it had secured C$9.1 million in funding to build a search engine for the metaverse. The company will use the funds raised to expand its team, expand its partnerships with virtual worlds and continue the development of its platform, which is scheduled to launch in the summer of 2022.
This seed funding round was led by Accel, BlockTower and Animoca Brands. It includes participation from White Star Capital, Sparkle Ventures, Gemini Frontier Fund, lead developers at The Graph StreamingFast, Tiny VC and angels including Patricio Worthalter (Founder, POAP), Ryan Selkis (Founder, Messari), Alex Svanevik (Founder , Nansen), Thibault Launay (Founder, Exclusif) and other high profile Web3 investors.
The metaverse is growing rapidly, and some of the biggest virtual worlds like The Sandbox, Decentraland, and Otherside are selling hundreds of millions of dollars worth of land. In order to meet growing user demand and take advantage of a market that Grand View Research expects to grow to US$850 billion by 2030, many virtual worlds have recently been created. With more than 50 worlds available today, the number of visitors to the metaverse is growing rapidly, posing significant challenges for users and creators who find themselves ill-equipped to choose which world to explore and develop, Lighthouse said.
Founded by Jonathan Brun and Justine Massicotte, Lighthouse seeks to solve this problem by simplifying discovery and mobility through the spatial web. Its platform, which will launch this summer, will allow users to search for places, events, creators, experiences and even friends across and within virtual worlds.
“If you’re curious about the metaverse and don’t know where to start, Lighthouse will be the place to go,” said Jonathan Brun, CEO of Lighthouse. “In building Lighthouse, we are assuming that siled worlds will eventually merge to become closer to the web.”
Beyond search, Lighthouse will offer a portal where users can view trending activity, create groups of friends to explore the metaverse, see where their NFTs are usable, and follow the work of specific brands and creators.