In nowadays’s marketplace on my own, one wonders the way it took see you later for a star avatar startup promoting NFT equipment to succeed in unicorn scores.
On Tuesday, Los Angeles-based virtual avatar startup Genies introduced it has raised $150 million in investment from Silver Lake, with participation from Bond, NEA and Tamarack World. This spherical used to be first reported by way of DealBook. This follows a $65 million Sequence B raised ultimate Might.
The spherical values the startup at $1 billion.
A lot of the startup’s momentum comes from their high-profile partnerships with a number of well known musicians and athletes who’ve used the corporate’s avatars for social media posts and more than a few different occasions. Understanding their excessive investor expectancies depends upon attracting extra builders to their ecosystem and increasing their person base.
Since Sequence B, Genies have delved into the web3 craze by way of introducing NFT window shows with NBA Best Shot author Dapper Labs. The startup targets to capitalize at the momentum of NFT profile picture assortment and use ENS (.eth) to construct a community of NFT-based avatar reputation merchandise.