Genies, the avatar technology company shaping the leading edge of Web3 culture by empowering individuals to create their own avatar ecosystems, today announced it has raised a $150 million Series C round led by Silver Lake, a global leader in technology investing. The investment values the company at $1 billion and includes participation from existing investors BOND, NEA, and Tamarack Global.
We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2,” said Akash Nigam, CEO of Genies. “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.”
Since its last funding round in May 2021, Genies, which has a 99% celebrity avatar market share, continued to build on its leadership position by partnering with Universal Music Group and Warner Music Group to serve as each company’s “official avatar and digital goods NFT provider.”
Genies also started to roll out its mass consumer “avatar creator tools” to small groups via a private [invitation-only] beta, allowing users at every level of technical ability to create their own Web3-native avatars and avatar fashion collections, and eventually, avatar homes and social experiences. As a core pillar of Genies’ vision, creators have full ownership and commercialization rights of their Genie avatar creations and can utilize them in any way they choose – ranging from creating a show or movie or starting a new brand– unlocking entirely novel forms of creativity, expression and monetization.