South African metaverse startup SodaWorld has secured an undisclosed amount of funding from Swiss venture capital firm CV VC to enable artists to earn much-needed revenue from their work in the Metaverse.
SodaWorld’s platform, Sodaworld.tv, is a Twitch and Netflix-style portal that enables artists to engage an online audience. The platform is one of only two global projects on the Venice virtual reality programme at this year’s Venice Biennale, an international cultural exhibition hosted annually in Italy.
The event, which is to be held on September 2, will see SodaWorld streaming a South African curated music experience live from the Soda Studios in Johannesburg. This music event will be live streamed via the SodaWorld immersive VR technology and VRChat functionality enabling guests in Venice to experience a twin VR version of the event.
Guests in Venice will be immersed in a range of different African flavours, from traditional instruments and linguistics specialist rappers to future-facing Afrotech DJs.
CV VC is a blockchain tech early-stage VC firm headquartered in Switzerland. It invests in start-ups that demonstrate a capability to transform the way the world interacts and transacts using blockchain technology.
Speaking on the investment in SodaWorld, Olaf Hannemann, chief investment officer and co-founder of CV VC, mentioned that the SodaWorld team have shown the energy, determination, and industry expertise to create a product that will prove beneficial to artists and creators.
“Core to the blockchain is its ability to build trust. The entertainment and performance sector needs to rebuild trust, especially from the creator’s perspective. The SodaWorld platform can achieve this and create new revenue streams for creators,” he added.
The CV VC investment follows SodaWorld’s completion of the CV Labs’ global incubator program which featured 6 other Web3 startups from around the world.