Avatar Startup Genies Raises $65M Led by 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.