Industry leading metaverse avatar platform Genies has raised $150 million in a recent funding round, pushing its overall value to over $1 billion. Global technology investment firm Silver Lake led the round, with participation also coming from Bond, NEA, and Tamarack Global.
With aid from its employee portfolio that now extends beyond 100, the company says it will use the funds to continue rolling out easily accessible avatar creator tools that enable users to create their own avatars, avatar fashion collections, avatar homes and general avatar experiences.
In speaking on the new injection of funds, the company’s CEO said: “We believe avatar ecosystems are going to shape web 3 the same way that mobile apps defined Web2. With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. In web 3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas, and experiences as avatar creations”.
With such a high valuation, the prospect of Genies avatars being integrated into gaming ecosystems would’ve been on many people’s mind, however for now, such plans are yet to come to fruition.
Nonetheless, the platform has worked wonders since its previous $65 million funding round back in May 2021, as it has not only struck multiple illustrious partnerships with the likes of Universal Music Group and Dapper Labs, but it has also amassed a 99% share in the celebrity avatar market.