Jadu: AR Gaming in the Metaverse

An augmented reality Web3 gaming platform

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Tech giants like Apple and Meta have staked their futures on the collection of technologies and platforms that will form the metaverse — a connected virtual world in which users from across the world will interact, play together, and own and trade digital properties. Many technologies will be used in the formation of the metaverse, including virtual and augmented reality software and hardware, Web3 services and platforms, and dedicated graphics processors.

Alumni Ventures portfolio company Jadu has created a game world called the Mirrorverse. This augmented reality (AR) game world is built around virtual items owned by its community of players through the blockchain. Jadu’s platform allows players to bring NFT avatars to life with mobile devices in their own real-world space.

Metaverse Pioneers and Celebrity Collaborations

Jadu has built leading AR technology with a strong team of next-gen storytellers and technical talent. CEO Asad Malik is an AR technology pioneer with seven years of AR application development experience and who has developed critically acclaimed narrative storytelling projects. COO Jake Sally was Head of Development at Verizon’s content innovation arm, where he oversaw a multimillion-dollar fund investing in creators and testing business models.

Jadu has achieved impressive traction with users. The company quadrupled the previous year’s revenue in 2021. Jadu has sold $4.4 million worth of virtual hoverboard NFTs and launched multiple collaborations with celebrities to release signature hoverboards designed with their input — including Formula 1 driver Lewis Hamilton, Canadian musician and internet sensation Grimes, and West Coast rapper Snoop Dogg. Jadu achieved all of this having only raised just under $9 million prior to its Series A.

What We Like About Jadu

Established Co-Investors: The company’ Series A was led by Bain Capital Ventures, the VC arm of the leading private investment firm. BCV has invested over $4.6 billion into 400 rounds, with a focus on fintech, cloud applications, software infrastructure, commerce, and marketing tech. 

Token Return Potential: Returns will come not only from equity valuation but also from token issuance and expected appreciation as the community expands and incorporates other Web3 communities.

Accomplished Team: The team brings a combination of storytelling, business model innovation, and experience in game development around AR technology.

How We Are Involved

Nassau Street Ventures (for the Princeton community) sponsored Alumni Ventures’ investment in Jadu’s $36 million Series A led by Bain. Siblings funds Chestnut Street Ventures (for the Penn State community), Strawberry Creek Ventures (for the UC Berkeley community), and Yard Ventures (for the Harvard community) also participated in the round, alongside AV’s Blockchain Fund, Deep Tech Fund, and Total Access Fund.

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Contact [email protected] for additional information. To see additional risk factors and investment considerations, visit av-funds.com/disclosures.