Billion Avatar startup Genies hits $1 billion valuation in latest raise

Only in the current market billion can one wonder how a celebrity avatar startup that sells NFT accessories took so long to hit a unicorn valuation.

Firstly, Genies, an LA-based digital avatar startup.

Announced Tuesday that it had raised $150 million in funding from Silver Lake.

With participation from Bond, NEA and Tamarack Global.

The round was first reported by DealBook. It follows a $65 million Series B raised last May.

The round values the startup at $1 billion.

Secondly, A good deal of the startup’s momentum has come from their high-profile partnerships.

With a number of musician and athlete celebrities who have used the company’s avatars for social media posts and various other activations.

Realizing their high investor expectations will depend on bringing in more developers to their ecosystem and expanding the user base.

Since their Series B, Genies has leaned more deeply into the web3 craze, debuting an NFT storefront with NBA Top Shot maker Dapper Labs Billion.

Thirdly, The startup is looking to capitalize momentum behind NFT profile pic collections one billion.

ENS (.eth) handles to build out a network of NFT-based avatar identity products.

Startup Genies Inc., which provides technology for creating Web3 avatars, today announced that it has raised $150 million in funding at a $1 billion valuation.

Silver Lake led the Series C funding round. BOND, NEA and Tamarack Global participated as well.

Los Angeles-based Genies provides software that enables users to create avatars of themselves in Web3 virtual environments.

Genies’ technology also makes it possible to design avatar fashion lines, accessories and other virtual creations.

“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2,” said Genies Chief Executive Officer Akash Nigam.

“With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born.

In Conclusion, 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.”