Fabric Ventures is thrilled to triple down in backing the Sorare team again in their latest $680m Series B alongside Softbank with participation from Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and LionTree as well as existing investors including Benchmark, Accel & Headline.

A bit over a year ago we shared that we were joining Sorare’s $4m seed round to build a rocketship at the intersection of gaming & blockchain. All our wildest expectations have been blown out of the stratosphere by an incredible team executing ahead of the curve on a rising trend of blockchain gaming.

Today Sorare is…

Fabric Ventures is thrilled to double down in backing the Sorare team again in their latest $50M Series A alongside Benchmark, Accel, Antoine Griezmann, Gary Vaynerchuk and a host of existing investors!

I just finished watching the Bayern Munich vs Lazio Champions League game — I haven’t been so excited for football games in over 10 years.

Having skin in the game changes your perspective in all matters.

Owning Sorare cards radically changes the experience of a football game.

In July last year we shared our investment in Sorare, the global football fantasy league powered by non-fungible tokens (NFTs) issued…

Backing Ethereum’s largest non-fungible token issuer

Fabric Ventures is excited to back the Sorare team in their latest $4M round alongside e.ventures, Partech, Semantic, Seedcamp, Consensys and André Schürrle.

Gamers around the world spent over $100,000,000,000 in 2019 alone.

That is $100 billion in pure expenditure, largely spent on digital assets and collectibles.

That is $100 billion that these gamers will not recover.

With the advent of digital scarcity and digital ownership, we can envision a world where these expenditures become assets. Once digital in-game items become investable assets, entire economies will build up within games. Economies that players can sustain themselves from.

Without stretching too…

A high level overview of the Metrics we are tracking in Web 3.0 Networks from Bitcoin & Ethereum to MakerDAO and Beyond.

Following up on our post on what business models and revenue flows might arise from Web 3.0 we started thinking about how we might value and monitor such business models. Having worked through an aggregate of seven VC funds, we have no doubts about the importance that key metrics play in venture investing when evaluating the performance of a company:

  • “What’s the current MRR growth?”
  • “What churn do you have across different cohorts of customers?”
  • “How many DAUs do you have?”
  • “What’s your net contribution margin per customer?”

These are all metrics that measured very important aspects of Web 2.0…

Taking context from the history of business models native to Web 2.0 and to Web 3.0

Written in collaboration with Richard Muirhead, Anastasiya Belyaeva & Julien Thévenard.

The forthcoming wave of Web 3.0 goes far beyond the initial use case of cryptocurrencies. Through the richness of interactions now possible and the global scope of counter-parties available, Web 3.0 will cryptographically connect data from individuals, corporations and machines, with efficient machine learning algorithms, leading to the rise of fundamentally new markets and associated business models.

The future impact of Web 3.0 makes undeniable sense, but the question remains, which business models will crack the code to provide lasting and sustainable value in today’s economy?

A history of Business Models across Web 1.0, Web 2.0 and Web 3.0

We will dive…

Evaluating Long-Term, Non-Speculative Value

Co-written with Richard Muirhead, in collaboration with Anastasiya Belyaeva & Julien Thévenard.

As often as projects have claimed that their token will accrue value proportionately to the usage of the network, we’ve heard investors claim that by the Law of MV=PQ, tokens will have no value as a result of high velocity. Both of these are inaccurate simplifications and generalisations.

As a brief refresher on the argument against value accruing to tokens:

Expected high velocity — The more successful a network, the more often its token will exchange hands in the form of payments.

No incentives to hold — Additionally…

Richard introduced the compilation of posts aiming to outline our thesis about a decentralised future. Attempting to reflect Deleuze & Guattari’s postulate about the Rhizome in A Thousand Plateaus (there is ‘neither beginning nor end, but always a middle’), this collection of thoughts will begin in medias res.

The past 4 years have produced more innovation in technology funding mechanisms than the previous 4 decades. In early 2013 Ripple Labs had raised a couple of small investment rounds, but decided to distribute its XRP token via one of the first Initial Coin Offerings (ICO) and now has a market cap…

Max Mersch

Building Fabric Ventures || Imperial College & OpenOcean Alumni

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