Metaverse News

NFT Avatar Company Genies Raises $150 Million From Silver Lake

Private equity firm Silver Lake is leading a $150 million funding round for Genies, according to a report by the New York Times’s DealBook. This latest funding round values the company at $1 billion, minting its status as a unicorn startup. 

NFT Avatar Company Genies Raises $150 Million From Silver Lake

“We’re just trying to invest in the very best technology companies,” Silver Lake co-chief executive Egon Durban told DealBook. “Sometimes it’s a small company like this, and other times it’s huge, large companies that need to be transformed.”

Genies allow users to create virtual avatars that can be used in the metaverse

NFT Avatar Company Genies Raises $150 Million From Silver Lake

With accessories that can be purchased as non-fungible tokens (NFTs). The company has partnered with record labels such as Warner Music Group and Universal to create avatars and NFT-gated digital goods for artists such as Justin Bieber, Migos and Cardi B. 

Most recently, former Disney CEO Bob Iger joined the company’s board alongside investing in the company. This followed a number of traditional media companies taking steps to onboard people to lead metaverse efforts, such as Spotify and YouTube.

This isn’t the first web3 investment for Silver Lake. It previously led an investment round into crypto infrastructure company Alchemy at a valuation of $10.2 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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