Metaverse app BUD raises another $37M, plans to launch NFTs

BUD, an app that wants to create a metaverse for Gen Z to play and interact with each other, has raised another round of funding.

After securing a Series A extension in February, the Singapore-based startup said it has closed a Series B round led by Sequoia Capital India. BUD has over $60 million in financing.

ClearVue Partners, NetEase and Northern Light Venture Capital were some of the prominent China-focused investors in this round of raise. GGV Capital, Source Code Capital, and Qiming Venture Partners all participated in the round.

BUD lets users create 3D characters, cutesy virtual assets and richly colored experiences through drag-and-drop and without any coding background.

Since the app's launch in November, the company said its users have created over 15 million custom experiences that others can join. costumes and accessories that users design for characters have changed hands more than 150 million times.

BUD is not charging commission for these transactions at the moment. It hasn't started making money via the app.

The free-to-use and ad-free nature of the app has made it one of the top 10 social apps in nearly 40 countries across North America, Southeast Asia and South America. It is the top free social app in Thailand and Vietnam according to SensorTower.

Virtual characters and spaces have been made easier by apps like Roblox and South Korea's Zepeto. BUD plans to introduce a marketplace for non-fungible token. Virtual items sold on BUD will be recorded on the blockchain. Reselling of digital assets will likely be possible in the form of NFTs, of which authenticity and provenance can be more easily verified.

BUD wouldn't say which chain the NFT project will be on or what token it will use, but said the marketplace will be live soon.

While BUD makes 3D content creation possible for mainstream Gen Z consumers, we will continue to bring blockchain to mainstream consumers and allow our creators to truly own and monetize their creations, said Lin in a statement.

The company has a team of 130 employees spread across its headquarters in Singapore, as well as its offices in Shenzhen and the U.S.

3D social network BUD raises $15M in Series A+ round