Web3 firm Genies raised $150 mn led by Silver Lake

Genies, the avatar technology company, has raised $150 million in a Series C round led by Silver Lake, a global leader in technology investing.
Dollar spending on technology
The investment includes participation from existing investors BOND, NEA, and Tamarack Global.

“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 has a 99 percent celebrity avatar market share. Its clients include Universal Music Group and Warner Music Group.

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.

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.

Genies will use the capital for hiring across engineering and to further invest in the core technology of Genies’ avatar universe.

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