BUD bags $37m for metaverse app, preps NFTs launch
BUD, a metaverse user-generated platform built on a mobile app, has announced a $36.8 million Series B funding round.
This was led by Sequoia Capital India, and brings BUD’s total financing to over $60 million.
Founded in 2019 by former Snap engineers, Risa Feng and Shawn Lin, the Singapore-based firm enables users to create and share 3D interactive experiences.
It intends to use the fresh funding to develop its creation tools, grow its global user base and roll-out Web3 products for its metaverse ecosystem. This includes the launch of its own NFT marketplace.
"The media of the next era will not be limited to familiar forms like text, pictures or videos, but will turn to more immersive and interactive formats. BUD is such a user-generated platform for the 3D world where everyone, not just hardcore gamers or professionals, has the chance to create and share whatever they want," says Feng.
“BUD is establishing itself as a social destination for GenZ while uniquely enabling ownership of content in the metaverse. Millions of users are creating content on BUD and sharing their creations on social media, aiding the inherent virality of the BUD platform.”
“We are impressed by the passion with which the founders have built BUD, and are excited about their future plans for localisation and growth,” says Aakash Kapoor, VP, Sequoia India.
