Silver Lake Leads $150M Funding Round in Web3 Avatar Company.
Web3 avatar technology company Genies has introduced a $150 million Series C fundraise led by technology investment firm Silver Lake, bringing Genies’ valuation to $1 billion.
Other contributors to the round include BOND, NEA, and Tamarack Global investment firms. ” We believe avatar ecosystems will shape Web3 the same way that mobile apps specified Web2,” Akash Nigam, CEO of Genies, said in a statement.
“With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. Genies, founded in 2017, is a platform for users to create and sell online characters, other goods and digital experiences.
Creators have full ownership and commercialization rights of their Genie avatar developments to be used for personal use or monetization.
Avatar builders from Generation Z will be the leaders of innovation in Web3, Nigam said, and Genies will help bring their vision to life.
Genies recently partnered with Universal Music Group and Warner Music Group to become both companies’ “official avatar and digital goods NFT provider,” Genies said.
” Genies has established its leadership in Web3 with remarkable speed and focus, fueled by a long term vision and clarity of purpose that we have been watching carefully and greatly admire,” Egon Durban, Co-CEO of Silver Lake, said in a statement.
“We’re excited to partner with and support Akash, his co-founder Evan, and the entire Genies team as they make it possible for people to build the avatar ecosystems that we believe will drive the next evolution of human expression, communication and creativity.”
The news comes as interest in the metaverse and Web3 applications grows.
The developer of one of the world’s most popular games, Fortnite, announced a $2 billion raised on Monday from investors, including Sony Group Corporation and KIRKBI, the family-owned investment company behind The LEGO Group.
Silver Lake Leads $150M Funding Round in Web3 Avatar Company
Genies is an American avatar technology company founded by Akash Nigam and Evan Rosenbaum in 2017.
Genies consumer app allows users to create fully personalized avatars in apps such as Giphy, iMessage, and Instagram.
It also provide a software development kit (SDK), allowing brands to create a branded avatar experience and online marketplace directly in their apps.
The company also consists of an Avatar Agency that makes digital versions of its clients.
The company has raised $40 million in funding from Silicon Valley venture capitalists like Jim Beyer, NEA, and Foundation Capital.
In addition to traditional VC firms. Genies have also received funding from other sources, such as entrepreneurs, talent agencies, and Fortune 500 companies.
Genies currently employ 90 people, and the company is valued at over $100 million.
In November 2020, Japanese multinational video game developer and publisher Bandai Namco Entertainment announced a $3 million investment in Genies, including an expansion in Asia.
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