London Daily

Focus on the big picture.
Friday, Jul 11, 2025

SoftBank-backed metaverse creator Improbable lays off staff

SoftBank-backed metaverse creator Improbable lays off staff

The creator of virtual worlds is scaling back its loss-making defence business and cutting a chunk of its workforce as it seeks to reach profitability.

A British-based creator of virtual worlds is laying off a chunk of its workforce as it strives to turn a profit within months.

Sky News has learnt that Improbable is preparing to make more than 10% of its 950-strong workforce redundant as it looks to cut losses in its defence-focused business ahead of a potential sale.

Improbable, which is backed by the giant Japanese technology investor SoftBank, was founded a decade ago and focused on creating metaverse platforms for use in video games and industries such as defence.

Many of its efforts to create commercially viable propositions have been abandoned, prompting it to refocus its efforts.


Herman Narula founded the company

It was unclear exactly how many redundancies would be made, although an insider denied that it would be "in the hundreds".

Improbable's defence division has a number of contracts with the Ministry of Defence, including in areas such as real-life simulation and training.

A spokeswoman for Improbable said on Friday: "The macroeconomic environment is forcing us to accelerate the path to profitability of our defence business, and we are currently in a collective consultation process with this business."

The Financial Times reported in October that Improbable was closing in on a new funding round to raise $100m, led by Elrond, a blockchain technology company.

Improbable insisted on Friday that that funding remained on track, with the "lead investors fully on board" but that the "process [is] taking more time".

Herman Narula, the company's founder, said this year that he expected it to be profitable in 2023.

Newsletter

Related Articles

0:00
0:00
Close
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
×