Avatar technology company Genies has raised $150 million in its latest Series C Funding round. The round was led by Silver Lake along with participation from existing investors BOND, NEA, and Tamarack Global.
The funding round places the valuation of the company at $1 billion. Genies allows users to create their own avatar ecosystems and aims to shape the Web3 technology and culture.
“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2,” said Akash Nigam, CEO of Genies.
“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.”
Genies started to roll out the beta version of “avatar creator tools” to a small group of consumers some time ago. These tools allow creators to create their Web3 avatars, avatar fashion collection, avatar homes and social experiences.
Genies also recently launched an avatar ecosystem NFT marketplace called ‘The Warehouse’. The marketplace allows creators to buy, sell and trade their avatars ecosystem collections.
Egon Durban, Co-CEO of Silver Lake 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 closely and greatly admire.”
Genies held its previous funding round in May 2021 and aims to use the capital this time to expand its engineering team and invest in the “core technology” of the Genies avatar universe.
“I’ve had the pleasure of seeing the Genies team pioneer the avatar space since 2016,” said Rick Yang, General Partner and head of consumer investing at NEA.
“They uniquely understand what consumers and builders truly want and are enabling the ultimate avatar ecosystem for all.”
Genies has also previously partnered with Universal Music Group and Warner Music Group to serve as their “official avatar and digital goods NFT provider.”
Web3 companies have seen a steady influx of cash owing to its highly developmental and broad use-case features. Former Disney CEO Bob Iger joined the board of directors of Genies in December and also invested an undisclosed amount into Genies.
