Silver Lake Announced a $150M Funding Round in NFT Avatars Platform Genies

Genies, a Web3 avatar technology startup, has raised $150 million in a Series C round led by technology investment firm Silver Lake. BOND, NEA, and Tamarack Global are also among the other investors in the round.

In a recent investment round led by private equity company Silver Lake, Genies, a non-fungible token (NFT) platform, raised $150 million to achieve its Web 3 goals. The news was initially reported by the New York Times DealBook.

The company's recent fundraising round valued it at $1 billion, according to the company. The funding will help provide tools for creating and selling characters online.

Genies, founded in 2017, is a platform that allows users to create and sell online characters, digital experiences, and other items. Genie avatar creators retain complete ownership and commercialization rights to their creations, which can be utilized for personal or business purposes.

“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2,” said Akash Nigam, Genies’ CEO. “With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born.”

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