Genies raises $150 million from Series C funding round

Metaverse avatar creation platform Genies has raised $150 million at a $1 billion valuation.
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Genies will continue to improve their avatar creation tools.

Genies, a provider of avatar creation technologies for Metaverse, announced that it had raised $150 million in a Series C funding round at a $1 billion valuation. Silver Lake led the investment round. Names such as BOND, NEA, and Tamarack Global were among the investors.

Los Angeles-based Genies provides its users with tools to create their own Web3 avatars. Besides avatars, various Web3 accessories and fashion designs can also be made with these tools. Among these tools that Genies provide is a developer kit that developers can easily integrate into their own projects. For now, the company does not hesitate to share its know-how with others.

Genies CEO Akash Nigam said:

“We believe avatar ecosystems are going to shape Web3 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 Web3, 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.”

Last year, Genies announced partnerships with giant companies such as Warner Bros. Entertainment and Universal Music Group. After these partnerships, the company entered a rapid growth process and reached a billion-dollar valuation.

Silver Lake Co-CEO Egon Durban has this to say about Genies:

“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 closely and greatly admire.”

Genies will use the $150 million fund to expand its engineering team. The company aims to take the tools and technologies developed for the avatar ecosystem to the next step.

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