London-based startup metaverse Improbable is on track to close a $100m (£88m) fundraiser at a valuation of more than $3bn (£2.64bn) as the company seeks profitability.

Improbable, founded in 2012, develops a metaverse infrastructure that enables game developers, academic institutions, corporations, and other businesses to create their own virtual worlds.

Unlikely also works with the UK and US militaries, who use simulations for training purposes.

While the company has received a number of heavy investments from big-name sponsors, the company has yet to achieve profitability. Its most recently published accounts at Companies House show that losses amounted to £129 million for the year ending December 31, 2020. Its losses widened to £152 million in 2021, according to accounts seen by The…