BUD, a nascent app taking a shot at creating a metaverse for Gen Z to play and interact with each other, has raised another round of funding in three months.
The Singapore-based startup told TechCrunch that it has closed $36.8 million in a Series B round led by Sequoia Capital India, not long after it secured a Series A extension in February. The new infusion brings BUD’s total financing to over $60 million.
The company declined to reveal its active user size but said its users have created over 15 million custom experiences i.e., virtual spaces with gameplay that others can join since the app launched in November. Virtual assets, including costumes and accessories that users design for characters, have changed hands more than 150 million times on BUD’s marketplace.
These transactions are clearly a promising way to generate revenues, but BUD is not charging commissions for now.
BUD declined to disclose which chain the NFT project will be on or what tokens it will use, but said the marketplace will “soon be live.”
“While BUD makes 3D content creation possible for mainstream Gen Z consumers, we will continue to bring blockchain to mainstream consumers and allow our creators to truly own and monetize their creations,” said Lin in a statement.
Source: https://techcrunch.com/2022/05/22/metaverse-social-bud-funding-37-million/
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