avatar startup genies scores $65 million in funding round led by mary meeker’s bond
Genies Secures $65 Million in Series B Funding
For several years, numerous emerging companies have strived to create a widely adopted, customizable platform for digital personas. Many of these startups have since ceased operations. However, Genies, a Los Angeles-based company, has made significant strides toward achieving this vision through strategic partnerships with prominent musicians.
Funding Details and Investors
Genies recently announced the completion of a $65 million Series B funding round, spearheaded by Bond, the firm founded by Mary Meeker. Additional participants in this investment include NEA, Breyer Capital, Tull Investment Group, NetEase, Dapper Labs, and Coinbase Ventures.
Mary Meeker will also be joining Genies’ board of directors. The company has not yet disclosed its latest valuation.
Expansion into the NFT Space
This funding arrives at a pivotal moment for the four-year-old company, as demonstrated by investments from Dapper Labs, the creators of NBA Top Shot, and Coinbase, a leading cryptocurrency platform.
Last week, Genies unveiled plans to launch an NFT platform built on Dapper Labs’ Flow blockchain. This collaboration will see Dapper Labs developing the backend infrastructure for a Genies avatar accessories storefront.
Similar to how Dapper Labs utilizes exclusive sports league partnerships for officially licensed NFTs, Genies intends to leverage its celebrity roster – including Justin Bieber, Shawn Mendes, and Cardi B – to establish a marketplace for buying and trading avatar accessories.
Strategic Partnerships and Market Opportunities
In October, Genies further expanded its market reach through a brand partnership with Gucci, opening up new avenues for growth.
The company’s core business has centered on facilitating a digital presence for its high-profile clients, enhancing their social media engagement and beyond.
With the rollout of avatar creation tools to all users via beta mobile applications, Genies is actively pursuing the long-held ambition of previous avatar companies: building a large user base and a network of compatible platforms through its Software Development Kit (SDK).
The Vision of Digital Self-Expression
“An avatar serves as a medium for expressing one’s authentic self,” explains Genies CEO Akash Nigam in an interview with TechCrunch. “It transcends the limitations of the physical world, functioning as an alternate personality.”
Impact of Recent Trends
The evolving landscape of NFTs, coupled with the increased adoption of digital spaces for socialization and connection during the pandemic, has created new opportunities for Genies.
“The pandemic undeniably accelerated these trends,” Nigam states.
Focus Remains on Avatar Technology
Despite the significant potential of its forthcoming NFT platform, Nigam emphasizes that Genies remains fundamentally an avatar company, not an NFT startup.
He believes that crypto-backed digital goods will have lasting relevance and acknowledges that the current market conditions contributed to the success of Genies’ funding round, which was reportedly “6-8X oversubscribed.” The company had the option to postpone fundraising for several years.
Launch Timeline
The company anticipates launching its cryptocurrency marketplace within the coming months, potentially as early as this summer.
Lucas Matney
Lucas Matney: A Profile
Lucas Matney previously held the position of Senior Editor at TechCrunch. His work was centered in San Francisco, California.
Background and Role
As a Senior Editor, Matney was responsible for overseeing and contributing to the technology news coverage provided by TechCrunch. He played a key role in shaping the publication’s editorial direction.
His location in San Francisco placed him at the heart of the technology industry, facilitating access to important events and sources. This proximity was crucial for his reporting.
TechCrunch and its Focus
TechCrunch is a leading online publisher focused on technology news, startups, and venture capital. It provides in-depth reporting and analysis of the tech landscape.
- Key Areas of Coverage: Startups, venture funding, new technologies.
- Audience: Entrepreneurs, investors, and technology enthusiasts.
- Location: While global in scope, TechCrunch maintains a significant presence in Silicon Valley.
Matney’s role at TechCrunch involved contributing to this coverage, ensuring the delivery of timely and insightful information to its readership.
Editorial Responsibilities
The responsibilities of a Senior Editor typically include managing a team of writers, editing articles, and developing story ideas. Matney’s position demanded a strong understanding of the technology sector.
Furthermore, the role required excellent communication skills and the ability to synthesize complex information into accessible content. He was instrumental in maintaining the quality of TechCrunch’s output.