U.K. Startup Improbable Gets Cash From China Game Giant NetEase
- NetEase to invest $50 million and buy stock from shareholder
- Deal is said to value the VR startup at about $2 billion
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Improbable Worlds Ltd., a London-based virtual reality startup, has netted new financing from Chinese gaming giant NetEase Inc., in a bid to export its technology to the country’s booming video game market.
NetEase said it’s investing $50 million into Improbable. The Beijing-based company is also buying a similar amount of stock from shareholders, according to a person familiar with the matter. The investment values Improbable at about $2 billion, said another person. Both people asked not to be identified because the terms are private.