Superplastic Raises $20M for Influencer Universe Expansion

Superplastic Secures $20 Million in Funding for Virtual World Expansion

A firm originating from the creators of Ello and Kidrobot has announced a new funding round totaling $20 million. This capital will be utilized to develop an immersive virtual world inhabited by uniquely designed, albeit eccentric, cartoon characters functioning as influencers.

Investor Details

Superplastic’s investment portfolio includes prominent entities such as Google Ventures, Index Ventures, Founders Fund, and Craft Ventures. Additional investors are Day One Ventures, Galaxy Digital, Mantis VC/The Chainsmokers, Kakao Entertainment, and LINE Friends. Individual contributions also come from Cyan Banister, Jared Leto, Justin Timberlake, and Scooter Braun. This Series A funding elevates the company’s total raised capital to $38 million.

The Superplastic Concept

Superplastic presents a distinctive proposition. The company manages a collective of animated characters, termed “synthetic superstars.” These characters maintain a strong presence on social media and participate in collaborations with celebrities, leading fashion brands, and gaming platforms.

The company has already amassed a substantial following on platforms like Instagram and TikTok. Furthermore, they’ve generated significant revenue through NFT sales and fostered a thriving community on Discord, all centered around a collection of visually striking, yet somewhat aggressive, cartoon figures.

Founder’s Vision

“The characters and their narrative drive everything… and in essence, Superplastic functions as the management team,” explained Superplastic founder Paul Budnitz to TechCrunch.

Budnitz harbors ambitious goals, aiming to construct a virtual world akin to a “fucked-up Disney.” Guggimon, a key character within Superplastic’s roster, is known for both antagonistic interactions with other characters and showcasing virtual Gucci apparel – exemplifying the company’s successful partnerships.

Expanding Market Reach

Guggimon has even appeared within Fortnite, not merely as a cosmetic skin, but as a fully integrated character alongside figures like Superman. Strategic alliances with LINE and Kakao are facilitating the characters’ introduction to Asian markets, a feat Kidrobot previously struggled to achieve.

Embracing the NFT Landscape

Superplastic is actively involved in the NFT phenomenon, a natural progression given Budnitz’s prior experience in the world of physical collectibles with Kidrobot. Initially skeptical, Budnitz experienced a shift in perspective. He stated to TechCrunch, “I initially dismissed NFTs as nonsense, but then it all clicked.”

He recounted a similar initial resistance to Bitcoin, which was overcome after a conversation with a crypto enthusiast at an event.

Christie’s Collaboration

Earlier this year, Superplastic collaborated with Christie’s for an NFT release, accompanied by a deliberately chaotic storyline involving two characters causing a fictional explosion at the auction house.

The Jankyverse Community

Superplastic ventured into digital collectibles in February, subsequently launching the Jankyverse, a Discord-based community where members display both their physical and digital figurines.

Unlike many NFT projects that develop a universe after initial success, Superplastic prioritized character and world-building before capitalizing on the speculative market.

A Platform-Agnostic Approach

While embracing NFTs, Superplastic maintains a platform-agnostic vision. The company focuses on expanding its fictional universe across various mediums, generating revenue through toy sales, apparel, NFTs, and licensing agreements with companies like Epic Games, Gorillaz, and Gucci.

Protecting Intellectual Property

Budnitz is resolute in his commitment to retaining full ownership of the company’s intellectual property. He confirmed that Superplastic declined offers from Quibi (prior to its closure) and two streaming studios seeking perpetual ownership of the characters.

Future Plans

The new investment will support the production of an animated feature film, scheduled for release in 2022, featuring the company’s distinctive characters. Superplastic also intends to open retail locations in New York and Miami next year, offering exclusive experiences for NFT holders.

“My focus is on bridging the physical and digital worlds, rather than solely concentrating on virtual experiences,” Budnitz concluded.