Genies Raises $150 Million at $1 Billion Valuation

Genies is an avatar tech startup that creates avatars for communities and people. The company enables users to clone themselves. Genies set up a foundation for the widespread adaptation of avatars in society, culture, and business. To represent a user in the way they want, Genies provides them with a million clothing and facial options.

The funding round was marked by the participation of Silver Lake, Bond, NEA, and Tamarack Global. High investors’ expectations are that more developers will join the ecosystem, thus increasing the number of users. After the round, the startup achieved unicorn status.

Genies, California, the USA, was founded by Akash Nigam, Evan Rosenbaum, Jake Adams, Matt Geiger in 2017. “Sometimes it’s a small company like this, and other times it’s huge, large companies that need to be transformed,” Egon Durban, Silver Lake co-CEO. The funding raised in the round will be used for the development of tools to create and sell characters online. Genies partners with various musicians and athlete celebrities who use these avatars for posting on social media. The company also debuts the NFT market. Genies is going to capitalize momentum behind NFT profile pic collections and ENS for building up a network of NFT-based avatar identity products.

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