Web3 avatar technology startup Genies raises $150 million in a Series C funding round led by Silver Lake. The latest investment values the company at $1 billion and includes participation from existing investors BOND, NEA, and Tamarack Global. Prior to this funding round, Genies has raised $100 million from investors such as BOND, NEA, Breyer Capital, Tull Investment Group, and more.
Genies provides tools (Genies Avatar Creator OS) that allows users to create their own avatars, avatar wearable fashion lines, avatar worlds, and avatar interactive experiences in web3.
Akash Nigam, CEO of Genies, pointed out that the avatar ecosystems will shape Web3 the same way that mobile apps defined Web2. Akash said, “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.”
Genies has 99% celebrity avatar market share through its partnerships with iconic music brands – Universal Music Group and Warner Music Group as their “official avatar and digital goods NFT provider” with thousands of Genie creators including Justin Bieber, Migos, Cardi B, and J Balvin.
Bringing the power of NFTs and crypto to culture, Genies’ avatar ecosystem NFT marketplace “The Warehouse” built with Dapper Labs, allows talent, IP, and creators to design and sell their avatar ecosystem creations (i.e. avatar fashion lines) to the masses.
Genies revealed that it 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.
Genies recently launched The Warehouse, an avatar ecosystem NFT marketplace enabling creators to buy, sell, and trade these avatar ecosystem creations. All creations are minted on Dapper Labs’ blockchain network, Flow.
Egon Durban, Co-CEO of the lead investor 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. We’re excited to partner with and support Akash, his co-founder Evan, and the entire Genies team as they make it possible for people to build the avatar ecosystems that we believe will drive the next evolution of human expression, communication and creativity.”
“It takes a very special team to operate and build at the intersection of culture, digital assets, and identity,” said Jamie Lee and John McCormick, Tamarack Global. “From its position as the forefront of creativity and commerce, Genies is creating endless opportunities for self-expression.”
Rick Yang, General Partner and head of consumer investing at NEA, said:
“I’ve had the pleasure of seeing the Genies team pioneer the avatar space since 2016. They uniquely understand what consumers and builders truly want and are enabling the ultimate avatar ecosystem for all.”
The company plans to use the new funds for hiring across engineering and to further invest in the core technology of Genies’ avatar universe.
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