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Silver Lake Leads $150M Round in NFT Platform Genies
The investment values the avatar company at $1 billion.
Updated May 11, 2023, 5:35 p.m. Published Apr 12, 2022, 1:11 p.m.
Genies, a non-fungible token (NFT) platform, raised $150 million in its recent funding round led by private equity firm Silver Lake to further its Web 3 ambitions. The New York Times DealBook first reported the news.
- The U.S.-based company's latest funding round values it at $1 billion, the company said Tuesday. This investment will help support it as it provides tools to create and sell characters online.
- "Sometimes it's a small company like this, and other times it's huge, large companies that need to be transformed," Egon Durban, the co-chief executive of Silver Lake, told DealBook.
- In May last year, Genies raised a $65 million round led by Mary Meeker's Bond Capital with participation from Dapper Labs, Polychain, Coinbase Ventures, Hashkey and others.
- In December, the company partnered with the Universal Music Group, enabling Universal's musicians to create digital versions of themselves.
- Genies and Silver Lake were not immediately available for comment when contacted by CoinDesk.
Read more: Dapper Labs, Coinbase Ventures Join $65M Investment in Avatar Startup Genies
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UPDATE (April 12, 14:19 UTC): Changes headline, adds link to press release.
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