Improbable Revenue, Valuation, Funding & Investors
Improbable is valued at $3B as of October 2022, a 29.1x multiple on its last reported $104M revenue.
Last Improbable valuation
$3B
Undisclosed stage · Oct 2022
Last Improbable funding round
$101M
Undisclosed stage · Oct 2022
Improbable revenue
$104M
Undisclosed stage · Oct 2022
Key investors in Improbable
Andreessen Horowitz
SoftBank Group
Horizons Ventures
Temasek
Digital Currency Group
CMT Digital
About Improbable
Improbable is a London-headquartered technology company that develops SpatialOS, a cloud-based platform enabling massive multiplayer simulations for gaming and industrial applications. Founded in 2012, the firm powers large-scale virtual worlds in titles like Scavengers Studio's games and collaborates with defense sectors for urban planning simulations. Improbable's infrastructure distributes computational loads across server swarms, supporting persistent environments with thousands of dynamic entities, and extends to sectors like autonomous vehicles through its M series simulators.
Founded
2012
HQ
LondonWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Revenue
$104M (Oct 2022)
Valuation
$3B (Oct 2022)
Improbable Valuation
Improbable is currently valued at $3B, based on its undisclosed-stage round in October 2022.
The $101M round was led by Metaverse, MultiversX and DeFi Technologies.
Improbable's valuation has grown 30x from $100M at its Series A in March 2015 to $3B in October 2022, across 4 priced rounds.
Improbable valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2022 | Undisclosed stage | $3B | 29.1x |
| Jul 2018 | Strategic investment | $2B | 22.7x |
| May 2017 | Series B | $1B | 100.0x |
| Mar 2015 | Series A | $100M | 1.0x |
Improbable Revenue
Improbable's latest recorded revenue is $104M, as of its undisclosed-stage round in October 2022. At a $3B valuation, that implies a 29.1x revenue multiple.
Revenue moved from $104M in March 2015 to $104M in October 2022, while the revenue multiple moved from 1.0x to 29.1x.
Improbable revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2022 | $104M | $3B | 29.1x | Undisclosed stage |
| Jul 2018 | $88M | $2B | 22.7x | Strategic investment |
| May 2017 | $10M | $1B | 100.0x | Series B |
| Mar 2015 | $104M | $100M | 1.0x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Improbable Funding History
Improbable has raised a total of $855M across 6 funding rounds.
Improbable's first fundraising round was a $22M Series A in March 2015. The most recent completed round was a $101M undisclosed-stage round in October 2022.
Improbable funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2022 | Undisclosed stage | Metaverse (lead); MultiversX (lead); DeFi Technologies (lead) | $101M | $3B | Improbable is a London-based technology company that develops infrastructure for metaverse worlds used in gaming, academia, business, defense, and other sectors, including its M2 metaverse platform and Skyral synthetic environment simulator for battlefield planning. This round achieved a post-money valuation of $3.4 billion, following prior funding from backers like SoftBank and Andreessen Horowitz, bringing total funding to over $865 million across nine rounds. For the 2022 financial year, Improbable reported revenue of £78 million, more than doubling from £30.1 million the prior year, with CFO Dan Odell highlighting maturation and focus on monetizing engagement in events. Losses were significantly cut by £131 million to £19 million. Earlier projections during the fundraising indicated 2.5-3x revenue growth for 2022 from £30 million in 2021, targeting profitability by year-end, amid a shift to its Morpheus metaverse platform, closing China operations, and selling game studios. The metaverse buzz peaked in 2022 with Meta's rebranding, boosting Improbable, but interest waned, leading to redundancy preparations in December 2022 and sale of its defense business in June 2023. Despite this, the company remained confident, pivoting later to a venture builder model in September 2023, building 12 ventures in metaverse, web3, and AI, including MSquared and Jitter. |
| Apr 2022 | Undisclosed stage | Andreessen Horowitz (lead); SoftBank Group (lead); Mirana; Nexo; Morgan Creek Capital Management; Alliance DAO; David Rutter; Saranac Partners; Digital Currency Group; CMT Digital; Ethereal Ventures; Round 13 Digital Asset Fund | $150M | - | Improbable is a UK-based metaverse technology company founded in 2012 as a University of Cambridge spinout, developing Morpheus technology to enable large-scale immersive environments supporting thousands of simultaneous players. The company pivoted from multiplayer gaming software to Web3 metaverses, launching M² (MSquared) as a network of interoperable metaverses for brands, creators, and communities in fashion, art, sports, and entertainment. In April 2022, Improbable raised $150 million in a round co-led by Andreessen Horowitz and SoftBank Vision Fund 2, with participation from Digital Currency Group, Ethereal Ventures, Mirana, CMT Digital, SIG, Susquehanna International Group, Alliance DAO, Saranac Partners, Round 13 Digital Asset Fund, David Rutter, and others, pushing total funding past $750 million. The funds supported establishing M², integrating blockchain interoperability, and accelerating the metaverse pivot amid partnerships like building Yuga Labs’ Otherside metaverse and work with U.S. and UK militaries for simulation training. Traction included revenue expected to triple to more than £100 million ($114 million USD) in 2022, driven by product-market fit in metaverses, with significant upfront payments from Otherside (partly in ApeCoin, recognized at milestones) attracting non-gaming customers. CEO Herman Narula stated the business was financially sustainable with strong growth, nearing profitability after selling game studios and posting losses previously; operating profitability was projected for 2023. Prior rounds included a 2017 $502 million Series B led by SoftBank at implied high valuation and a 2018 $50 million investment from NetEase at $2 billion valuation. A subsequent October 2022 £100 million round led by Elrond (MultiversX) valued Improbable at $3.36 billion, with the company closing in on profitability amid metaverse revenue opportunities projected at $800 billion by 2024. M² was positioned as an independent entity valued at $1 billion in some reports, though treated separately from core Improbable. Total funding reached around $930 million by late 2022. |
| Jul 2018 | Strategic investment | NetEase (lead) | $50M | $2B | Improbable is a London-based startup founded in 2012 that develops SpatialOS, a cloud-based platform enabling game developers to create large-scale, persistent virtual worlds by offloading computations and overcoming hardware limitations of PC, console, and mobile platforms. The platform supports massively multiplayer games with greater player numbers and world sizes. On July 27, 2018, Chinese gaming giant NetEase invested $50 million in primary funding into Improbable, with an additional $50 million used to buy stock from shareholders and early investors including founders Herman Narula (CEO), Rob Whitehead (CTO), and Peter Lipka (COO). This strategic partnership grants NetEase access to SpatialOS for developing and publishing games in Asia, with the first title announced later that year. The NetEase investment valued Improbable at $2 billion post-money, doubling its previous $1 billion valuation from a $502 million Series B round led by SoftBank in May 2017, bringing total funding to over $600 million. Sources including FT, Bloomberg, Business Insider, and legal advisor King & Wood Mallesons confirmed the $2 billion figure. This round strengthened Improbable's position in the Asian market, enhancing its global reliability for developers, including indie studios potentially accessing Chinese markets via partnerships. Improbable's growth focused on technology adoption in gaming, with prior investments of $20 million and $30 million in 2015 building toward its unicorn status. |
| May 2017 | Series B | SoftBank Group (lead); Andreessen Horowitz; Horizons Ventures | $502M | $1B | Improbable, a London-based startup founded in 2012 with offices in San Francisco, develops SpatialOS, a cloud-based distributed operating system enabling the creation of vast virtual worlds and large-scale simulations for gaming and beyond, such as modeling cities, economies, diseases, and autonomous systems. The company raised $502 million in a Series B round on May 11, 2017, led by SoftBank with participation from existing investors Andreessen Horowitz and Horizons Ventures, marking one of the largest VC investments in a UK company at the time and propelling Improbable into unicorn status with a post-money valuation over $1 billion. Prior to this, Improbable had raised about $50 million across earlier rounds, including a $20 million Series A in 2015 led by Andreessen Horowitz. The funding, described as a minority stake by CEO Herman Narula, is earmarked for advancing SpatialOS development, expanding its developer ecosystem, and hiring in London and San Francisco to support applications in gaming, simulation for real-world decision-making, and emerging technologies like VR/AR and autonomous vehicles. SoftBank managing director Deep Nishar joined the board, highlighting the platform's potential as a foundational technology for massive-scale simulations beyond gaming. The deal underscores SoftBank's aggressive investment strategy pre-Vision Fund formalization, positioning Improbable to capitalize on the growing demand for high-fidelity virtual environments. Improbable demonstrated proof-of-concepts like recreating a British city using open-source data on traffic, utilities, and connectivity, signaling technical capabilities amid a competitive landscape in simulation and metaverse tech. |
| Jul 2015 | Series A | Horizons Ventures (lead); Temasek; Upscale; Andreessen Horowitz | $30M | - | Improbable, a London-based company founded in 2012 by Herman Narula and Rob Whitehead from Cambridge University, develops SpatialOS, a platform enabling large-scale simulated worlds for gaming, VR/AR, and beyond by managing server loads, scale, and development across engines like Unity and Unreal. In March 2015, it raised a $20 million Series A round led by Andreessen Horowitz, with the funding aimed at supporting platform development; TechCrunch reported no valuation details. Andreessen Horowitz partner Chris Dixon joined the board, highlighting potential beyond gaming. The company had hired top talent like Nick Button-Brown from Crytek. A later Series B in May 2017 raised $502 million led by SoftBank at an estimated $1B valuation. Current metrics show around 156 employees and recent estimated revenues of $100M ARR or $118.7M annually, but no 2015 figures available. |
| Mar 2015 | Series A | Andreessen Horowitz (lead) | $22M | $100M | Improbable is a London-based startup founded in 2012 as a University of Cambridge spinout, developing software platforms like SpatialOS to enable large-scale simulated worlds, virtual reality environments, and metaverse technologies supporting millions of entities and simultaneous user interactions in real-time. The company's backend infrastructure handles server load balancing, scalability, and development simplification for engines like Unity and Unreal, targeting applications in gaming, entertainment, and immersive experiences. In March 2015, Improbable raised a $20 million Series A round led by Andreessen Horowitz, with the Financial Times reporting a valuation of around $100 million according to a source familiar with the matter. Andreessen Horowitz partner Chris Dixon joined the board, praising the team's engineering talent from Google and top UK programs, built on prior seed funding supplemented by customer revenue and research grants. The investment supported platform development for large-scale simulations. Improbable had already begun working with select studios and customers by 2015, positioning itself as foundational infrastructure for virtual worlds. Subsequent rounds included a 2017 Series B of $502 million led by SoftBank at a $1 billion valuation, a 2018 $50 million investment from NetEase at $2 billion valuation, and a 2022 $150 million round co-led by SoftBank Vision Fund 2 and Andreessen Horowitz, pushing total funding past $750 million. The company expanded offices in London and San Francisco while maintaining focus on metaverse and simulation technologies. |
Who has invested in Improbable?
19 investors have backed Improbable across its funding rounds, including Andreessen Horowitz, SoftBank Group, Horizons Ventures, Temasek, Digital Currency Group and CMT Digital.
Lead investors include Metaverse, MultiversX, DeFi Technologies, Andreessen Horowitz, SoftBank Group and 2 other investors.
Improbable Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 4 | Lead | Mar 2015 | |
 Tokyo | 2 | Lead | May 2017 | |
 Hong Kong | 2 | Lead | Jul 2015 | |
 Singapore | 1 | Participant | Jul 2015 | |
| Hong Kong | 1 | Participant | Apr 2022 | |
 Vilnius | 1 | Participant | Apr 2022 | |
| Chapel Hill, NC | 1 | Participant | Apr 2022 | |
 Zurich | 1 | Participant | Jul 2015 | |
| Chicago, IL | 1 | Participant | Apr 2022 | |
 Shanghai | 1 | Lead | Oct 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} David Rutter | London | 1 | Participant | Apr 2022 |
| United Kingdom | 1 | Participant | Apr 2022 | |
| Stamford, CT | 1 | Participant | Apr 2022 | |
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Start Free TrialAcquisitions by Improbable
Improbable has acquired 3 companies to date.
Last acquisition by Improbable was on February 5th 2020. Improbable acquired Zeuz for undisclosed valuation.
Latest Acquisitions by Improbable
| Description | Zeuz is a backend infrastructure provider for multiplayer online games, delivering scalable cloud services for matchmaking, session management, and anti-cheat systems. Berlin-headquartered Zeuz supports leading studios like Funcom and indie developers such as Gamepires, powering titles across PC, console, and mobile. The platform handles infrastructure for more than 50 million players annually in over 50 countries. Founded by veterans in 2020, Zeuz emphasizes low-latency global networking and seamless scalability. | The Multiplayer Guys is a game development consultancy providing backend solutions for multiplayer titles. Based in Serbia, it builds scalable server architectures, P2P networking, matchmaking, and anti-cheat systems for consoles, PC, and mobile via Photon and custom AWS setups. Serving indies and studios like Raw Fury, it launched live services for 20 games in 2023, including battle royales with 100,000 peak players. | Midwinter Entertainment is an independent game development studio headquartered in Seattle, Washington. The team develops open-world multiplayer experiences, including the survival MMO Dune: Awakening set in the Arrakis universe under license from Legendary Entertainment. Founded by veterans from BioWare and Microsoft, the studio focuses on crafting immersive worlds with deep player agency and cooperative gameplay mechanics. Dune: Awakening entered early access in 2023 ahead of its full release. |
| HQ Country |  | | |
| HQ City | Munich | Nottingham | Seattle, WA |
| Deal Date | 5 Feb 2020 | 26 Sep 2019 | 12 Sep 2019 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Improbable acquisitions and their M&A valuation multiples. Start Free Trial | |||
Investments by Improbable
Improbable has invested in 5 companies to date.
Latest investment by Improbable was on September 10th 2026. Improbable invested in Bolter in their $10M Seed round.
Latest Investments by Improbable
| Description | Bolter is a software platform that enables construction of autonomous AI agents through conversational rule definitions. The tool connects with enterprise chat systems to streamline everyday processes and manage joint operational duties. | Otomato is a zero-setup, portfolio-aware DeFi assistant. Otomato automatically detects users' on-chain positions across supported chains including Ethereum, Arbitrum, Base, and HyperEVM. | Fan3 is a blockchain technology firm delivering user-friendly solutions for decentralized applications. Focused on Web3 wallets and NFT marketplaces, it simplifies complex protocols through intuitive interfaces. Operating from Australia, Fan3 partners with Ethereum layer-2 networks like Polygon for scalable transactions and low fees. | Victory League is a sports entertainment organization that organizes combat sports events featuring professional fighters in boxing and mixed martial arts. Based in Las Vegas, Nevada, the league hosts pay-per-view tournaments and streaming broadcasts to generate revenue for athletes through sponsorships and ticket sales. Victory League partners with platforms like UFC Fight Pass for distribution and emphasizes fighter earnings exceeding traditional purses via media rights deals. The organization stages events in arenas across the United States and Mexico. | |
| HQ Country | | - | | | |
| HQ City | London | - | London | London | |
| Deal Date | 10 Sep 2026 | 25 May 2026 | 1 Oct 2025 | 25 Mar 2024 | |
| Round | Seed | Strategic investment | Seed | Seed | |
| Raised | $10M | $2M | $5M | $4M | |
| Investors | - | - | - | Nwankwo Kanu; Hugo Comte; LocalGlobe; Oleksandr Zinchenko | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Improbable Competitors
Improbable competitors include listed companies like Oriental Pearl Group and Alpha, and private ones like Spotter, Moon Active, 1047 Games and Kabam.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| China | Publicly listed | $1.1B | $296M | $4.2B | 3.2x | |
| Los Angeles, CA | Private | - | - | $2B | - | |
| China | Publicly listed | $369M | $28M | $1.9B | - | |
 Tel Aviv | Private | $1.5B | - | $5B | 3.3x | |
| United States | Private | - | - | $1.5B | - | |
| San Francisco, CA | Private | - | - | $1B | - |
Improbable Public Comps
Improbable is still privately-owned, but its public comps include NCsoft, Perfect World Co., Imax, Prime Focus, Canal+, Lionsgate Studios, COL Global, ITV plc, China Film Group and Toei Co..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $368M | 1.7x | 1.1x | 5.0x | 5.5x | |||
| $993M | $170M | 2.4x | 2.1x | 13.9x | 10.9x | |||
| $410M | $130M | 7.5x | 6.8x | 23.5x | 14.9x | |||
| $478M | $149M | 6.8x | - | 21.7x | - | |||
| $8B | $749M | 0.8x | 0.7x | 8.7x | 5.8x | |||
| $2.6B | $1.1B | 2.7x | 2.4x | 6.3x | 22.8x | |||
| $247M | ($78M) | 10.8x | 8.9x | (34.3x) | (2053.7x) | |||
| $4.7B | $596M | 0.9x | 0.9x | 7.3x | 5.7x | |||
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Common questions about Improbable
| When was Improbable founded? | Improbable was founded in 2012. |
| Where is Improbable headquartered? | Improbable is headquartered in London, United Kingdom. |
| Is Improbable publicly listed? | No, Improbable is a private, VC-backed company. |
| What is Improbable's valuation? | Improbable was last valued at $3B in its undisclosed-stage round in October 2022. |
| How much funding has Improbable raised? | Improbable has raised $855M across 6 funding rounds. |
| What was Improbable's last funding round? | Improbable's last funding round was a $101M undisclosed-stage round in October 2022, led by Metaverse, MultiversX and DeFi Technologies. |
| Who are Improbable's investors? | Improbable's investors include Andreessen Horowitz, SoftBank Group, Horizons Ventures, Temasek, Mirana, Nexo, Morgan Creek Capital Management, Upscale, Alliance DAO, Metaverse and 9 others. |
| What is Improbable's revenue? | Improbable's latest recorded revenue is $104M (October 2022). |
| What is Improbable's revenue multiple? | Improbable's latest valuation implies a 29.1x revenue multiple ($3B valuation on $104M of revenue). |
| Which companies are comparable to Improbable? | Companies comparable to Improbable include Oriental Pearl Group, Spotter, Alpha, Moon Active, 1047 Games and Kabam. |
| How many companies has Improbable acquired? | Improbable has acquired 3 companies, including Zeuz, The Multiplayer Guys and Midwinter Entertainment. |
| How many companies has Improbable invested in? | Improbable has invested in 5 companies, including Bolter, Otomato, Fan3, Victory League and Automaton Games. |
| What was Improbable's last investment? | In September 2026, Improbable invested in Bolter's $10M seed round. |
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