Bud, a start-up company headquartered in Singapore, successfully completed the financing of US $36.8 million in the latest round B financing, which was led by Sequoia Capital India. The company just completed a round of financing in February this year, and the new capital injection made the total financing of bud exceed 60 million US dollars. Bud attempts to create an interactive metauniverse for generation Z.
Like the previous rounds of financing of bud, this round of financing has attracted a few famous investors focusing on China, including clearvue partners, Netease and northern lights venture capital. Its existing investors GGV capital, Qiming venture capital and source capital also participated in this round of financing.
Bud was founded by two former snap engineers Risa Feng and Shawn Lin in 2019, allowing users to create bulging 3D characters, lovely virtual assets and rich color experience through drag and drop and without any coding background.
The company declined to disclose the size of its active users, but said that since the launch of the app in November, its users have created more than 15 million customized experiences, that is, a game like virtual space that others can join. Virtual assets, including costumes and [accessories] designed by users for characters( https://microsoft.pvxt.net/Xx07X ) , it has changed hands more than 150 million times in the bud market.
Bud is taking the user experience one step forward and plans to launch a market for non virtual tokens (NFTs). This means that the ownership of virtual items sold on the bud will be recorded on the blockchain. The resale of digital assets may appear in the form of NFT, and its authenticity and provenance can be more easily verified. Bud declined to say which chain the NFT project would be built on or what tokens it would use, but said the market would "go online soon".