Genies, a company enabling avatar ecosystem creation, acquires $150 million in Series C round, now valued at $1 billion
Genies, an LA-based company partnered with Warner Music Group and Universal Music Group, has successfully raised $150 million in a Series C funding round, led by Silver Lake. The latest investment puts the avatar company at a $1 billion valuation.
Genies, a company that aims to provide tools for everyone to create avatar ecosystems, has managed to raise $150 million in a Series C funding round. The round was led by a tech-focused investment firm named Silver Lake, with Tamarack Global, NEA and BOND also taking part.
This latest funding puts the LA-based company at a $1 billion valuation. They have previously raised $100 million from investors such as Bob Iger, a former chief executive of Disney, who has become a board member for Genies.
Akash Nigam, the CEO and founder of Genies, said the following:
“This financing gives us the freedom to allocate 100% of our mindshare to executing and building out the vision. Nothing else matters outside of these four walls at Genies HQ. Heads down. Zero distractions.”
Founded in 2017, Genies aims to not only provide their own avatars you can use, but also the tools needed to create entire avatar ecosystems. These ecosystems include “avatars, fashion and collectibles, spaces and venues, and social experiences.”
Because of its partnership with Warner Music Group and Universal Music Group, Genies also has the rights to create wearable NFTs and avatars that resemble the celebrities who are part of WMG and UMG. As of writing, the company has released The Warehouse, a marketplace where you can buy and sell NFTs. Made in collaboration with Dapper Labs and built on the Flow blockchain, a Dapper Wallet is needed in order to connect to it and initiate transactions, with a 5% fee taken on each sale.