DLA Piper advises C3 EOS VC on participation in Series A funding round of USD18 million in Upland

DLA Piper has advised C3 EOS VC Fund on participation in a USD18 million Series A funding round at a USD300 million valuation in Uplandme, Inc. (Upland), one of the fastest-growing metaverses on blockchain. The funding round was led by Animoca Brands. New investors include OneTeam Partners, who recently facilitated Upland’s deal with the NFL Players Association (NFLPA), Block.one, Alumni Ventures Blockchain Fund, Global Founders Capital, and others. The new funding will be used to grow the teams in the US and Europe, and to invest in brand partnerships and user acquisition.

After it launched in open beta in early 2020, Upland has continuously developed and grown. Each day, more than 60,000 daily active users buy, sell and trade virtual properties, build houses, complete property collections, and participate in treasure hunts and city tours. The NFLPA was the first brand to utilize Legits in Upland, bringing over 2,000 football players into the metaverse. The NFLPA also became an indirect shareholder in Upland via OneTeam Partners.

C3 EOS VC Fund, managed by C3 Management GmbH, is a partnership between Block.one and FinLab AG, an investor in financial services technologies and blockchain globally. Located in Frankfurt, Germany, C3 Management GmbH is an asset management company focused on managing venture funds which invest in exceptional blockchain technology companies worldwide. The C3 EOS VC Fund concentrates on early and growth stage technology companies, and typically takes a minority equity stake.

The DLA Piper team was led by partner Simon Vogel and also included associate Oliver Schmidt (both Corporate/Private Equity, Munich). US partner Mark Radcliffe (IPT) was also involved.