The metaverse avatar company Genies recently announced it closed a $150 million funding round. As a result, the organization achieved a $1 billion valuation, giving it a Unicorn start-up status.
The private equity firm Silver Lake led this funding round. Other participants included Bond, NEA, and Tamarack Global. This money will be used to advance the organization’s blockchain gaming strategy as Genies continues to develop avatar creation tools for video games as well as metaverse experiences.
“We’re just trying to invest in the very best technology companies,” said Silver Lake’s co-chief executive, Egon Durban, in a conversation with DealBook. “Sometimes it’s a small company like this, and other times it’s huge, large companies that need to be transformed.”
Genies is a Los Angeles, California-based company that makes customizable avatars for both video games and the metaverse. Prior to this, the organization had secured several notable partnerships with record labels like Warner Music Group and Universal Music Group, allowing them to create avatars and NFTs for world-famous musicians like Justin Bieber, Migos, and Cardi B.
(All information was provided by The Block Crypto and VentureBeat)
Check out the industry-leading META Business podcast where we discuss the intersection of business and the metaverse
0 comments on “$150M Raise Nets Genies A $1B Valuation”