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11 March 20223 minute read

DLA Piper advises Fabric Ventures on USD7 million investment into "Petaverse Network"

DLA Piper has advised Fabric Ventures on leading the USD7 million investment into Tiny Rebel Games (TRG), a Wales based developer of richly designed games and AR with a focus on integrating NFT / blockchain technologies.

Fabric Ventures is a venture capital firm that invests in scalable decentralised networks. With this investment, TRG ambitiously aims to design and build an open standard for digital pets in web3, an interoperable data solution for creating infinite virtual companions to be by your side, across the metaverse.

This Petaverse Network will offer pets to bond with, who will learn, evolve, and behave based on their specific 'DNA' and the interactions you have with them. TRG expects to help people to adopt their first digital pets and take them into the first of many experiences they will be able to have with virtual companion. The new funding will be used to accelerate the deployment of pets across the metaverse, as well as to fund a variety of games and experiences, and to hire further key developer positions.

The DLA Piper team was led by London-based Corporate senior associate, Alexander Kolmakov, assisted by IPT senior associate Aaron Trebble and Corporate associates Irvin Shirvani and Dylan Carty.