Bud, a startup behind an app for creating a metaverse, has closed a Series B round worth $36.8 million. It was led by Sequoia Capital India.
We’re excited to announce our $36.8M Series B led by @Sequoia_India! The funding will be used to develop creation tools, grow global user base and roll out web3 products for #metaverse ecosystem. Special thanks to all our investors, creators and supporters!https://t.co/lJ81XvJOtK
— BUD (@budcreate) May 23, 2022
The Singapore-based startup was founded in 2019 by two former Snap engineers, Risa Feng and Sean Lin. They position the app as a social metaverse platform that allows players to create and transfer virtual 3D items. According to Bud, since launch the number of in-game item transactions has exceeded 150 million.
The funds will be used to develop tools for creating in-game items, expand the user base and deploy Web3 products for the metaverse ecosystem.
The company also plans to launch its own NFT marketplace. The Bud team has not disclosed which network and tokens it will use for the launch, which is expected to occur soon.
“BUD has already made possible the creation of 3D content for the main consumers of the ‘Zoomer’ generation, and will now offer users blockchain. This will allow our creators to truly own their creations and monetise them,” Lin said.
Some developers and traditional gamers have criticised the entry of blockchain and NFT technology into the gaming industry.