Metaverse Social Network App “BUD” Raises Another $37M, Set to Launch NFTs
BUD, a budding 3D social media app, has received another funding of $37M in three months. The Singapore-based company reported closing $36.8 million in a Series B round. Sequoia Capital India led this round of financing.
The round follows a Series A extension in February, securing a $15 million A+ round of funding. As a result, the company has successfully secured total financing of more than $60 million.
Previous rounds attracted prominent China-based investors, including NetEase, ClearVue Partners, and Northern Light Venture Capital. Existing investors of BUD include Qiming Venture Partners, GGV Capital, and Source Code Capital.
What you Need to Know about BUD
BUD is a new-generation UGC social platform that lets users interact by creating 3D characters, cute virtual assets, and richly-colored experiences. Every user can do this using simple no-code drag-and-drop tools without computer programming knowledge.
Developed and launched by two former Snap engineers, Shawn Lin and Risa Feng, in 2019, the app targets Generation Z globally. It is already becoming popular among Gen Z groups thanks to the immersive Metaverse experience, the unique personality of UGC, and massive 3D digital content.
BUD takes the user experience to the next level by planning to launch a marketplace for non-fungible tokens (NFTs). As a result, the ownership of virtual items traded on the app will be stored on the blockchain.
The company has not revealed further details about its NFT project. However, they said it would soon be live. BUD plans to use raised funds for overseas business research and growth in the future. Moving forward, the app integrates fashion, hotspots, creativity, and other expressions accepted by Generation Z.
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