Ex-Snap engineers earn $38.6m to give younger audiences Web3 tools
On Monday, BUD, a Metaverse powered by user-generated content (UGC), raised $38.6 million USD in a Series B funding round led by Sequoia Capital India with help from ClearVue Partners, NetEase and Northern Light Venture Capital. Investment firms GGV Capital, Qiming Venture Partners and Source Code Capital also provided additional funding assistance, and the awarded capital enables BUD to improve its UGC tools, expand its global user base, introduce in-Metaverse products, and debut an integrated NFT marketplace. The Bud Metaverse focuses on a Gen Z user base familiar with existing Web3 services such as Roblox, with localisation plans targeting global audiences. William Chen, Founding Managing Partner of ClearVue Partners, explained that Gen Z demographics were experiencing an “explosive growth” of interest in emerging Metaverse platforms and saw BUD as a leader in the marketplace. Chen added: “We are excited to work with this innovative team and to bring together our resources and experience in the global consumer, media, and entertainment industries”. Since BUD’s launch in November 2021, the service has become a top 10 social media application in 38 countries across North America, Southeast Asia, and South America.