Genies, an avatar technology company, today announced it has raised a $150 million Series C round led by Silver Lake. The investment values the company at $1 billion and includes participation from existing investors BOND, NEA, and Tamarack Global. The funds are earmarked for engineer hires and tech development.
“We believe avatar ecosystems will 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 will 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 partnered with Universal Music Group and Warner Music Group to serve as each company’s “official avatar and digital goods NFT provider.” The company 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 Web3-native avatars and avatar fashion collections, and eventually, avatar homes and social experiences.
Creators have full ownership and commercialization rights of their Genie avatar creations. They can utilize them in any way, ranging from creating a show or movie or starting a new brand and unlocking new 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. To become a Genies avatar fashion seller or design and sell your avatar species, apply here.
“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 watched closely and greatly admire,” said Egon Durban, co-CEO of Silver Lake. “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 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.”
“I’ve had the pleasure of seeing the Genies team pioneer the avatar space since 2016,” said Rick Yang, General Partner and head of consumer investing at NEA. “They uniquely understand what consumers and builders truly want and are enabling the ultimate avatar ecosystem for all.”