illustration a Pokémon Go logo. Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images
Niantic, an S.F.-based maker of augmented reality games like "Pokémon Go," raised $300 million from Coatue at a $9 billion valuation.
Why it matters: This is about the metaverse that Meta isn't interested in building.
History: Niantic previously raised $480 million, most recently in 2019 at a $4 billion post-money valuation. Existing backers include Alsop Louie Partners, Javelin Venture Partners, CapitalG, IVP and Spark Capital.
The bottom line: Niantic's vision is the world we already see around us, but with a digital overlay on top of it. Not a virtual world that people immerse themselves in with VR goggles or by way of a video game world like "Fortnite."
- Some of Niantic's recent games have struggled, but over a billion downloads of "Pokémon Go" make a strong case that it may be the ones to figure this all out.