Odyssey raises €4M to develop its metaverse stack

Odyssey, the maker of metaverse stack for collaboration based in The Netherlands, has raised €4M in new funding round. The startup originated in 2016 as an incubator for multi-stakeholder collaboration and solutions. With the new funding round, the incubator aims to further accelerate the development of its open-source web3 version of Odyssey’s 3D mass collaboration space. 

Funding and the Investor
Odyssey has confirmed that it has raised €4M from a range of investors including Scytale Ventures, Maven 11 Capital, BR Capital and tech entrepreneurs Trent McConaghy, Ben Woldring and Ewald Hesse. With the new funding, Odyssey aims to accelerate the development of Momentum, an open-source, web3 metaverse software stack that allows online 3D worlds tailored for collaboration. These online 3D worlds will then be connected through an open network owned by the users.

Multiverse is being touted as the next big frontier for technology companies and one that could bring us closer to living in a virtual, three-dimensional world like Ready Player One. The opportunity is so huge that Facebook recently renamed itself to Meta and Microsoft announced plans to bring elements of Metaverse to its Office productivity software.
Odyssey has a lead here with its Momentum metaverse stack currently being used by several large institutions. The platform is being used by Vattenfall, SAP, the Dutch government, and a number of universities, for their online collaborative activities. It is also being used by SMEs and NGOs such as the Sovereign Nature Initiative.
“With the emergence of the metaverse we can see how the web is going from pages to places. Where pages host content, places host activities. With that, new business models for the web emerge that will be less about advertising and consumption, and more about engagement and collective value creation. The most fundamental question people and organizations should ask themselves is: Will I host my initiatives in a metaverse space owned and controlled by a third party that also owns my data? Or do I want to be in full control and ownership of my own space in the open metaverse, including its data and digital assets? We are excited to contribute to the latter, with the Momentum stack, building a network where people can freely shape and grow their future together and own it too,” said Rutger van Zuidam, CEO of Odyssey.

Full story here