Metaverse app BUD raises $36.8M, aims to create an NFT marketplace

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Image of wedding scene from BUD

Singaporean Metaverse company BUD announced raising $36.8 million in a Series B fundraising to expand the platform and develop an in-app NFT marketplace. 

Venture capital firm Sequoia Capital India led the fundraising. Other participating companies included ClearVue Partners, NetEase, and Northern Light Venture Capital. 

BUD is a mobile user-generated Metaverse platform founded in 2019 by ex Snap engineers Risa Feng and Shawn Lin. BUD aims to offer users tools to create and share 3D experiences with an easy and intuitive system. The app targets young audiences, and most of its users are GenZ.

 “With the immersive 3D experience of the product and explosive growth among GenZ users around the world, BUD is rapidly growing as a leading UGC platform in the emerging metaverse,” said William Chen, Founding Managing Partner of ClearVue Partners. 

Inside BUD’s virtual world, users can customize their avatars, create gatherings, participate in events, and play battle royale games while socializing with others.  

“The media of the next era will not be limited to familiar forms like text, pictures, or videos, but will turn to more immersive and interactive formats. BUD is such a user-generated platform for the 3D world where everyone, not just hard-core gamers or professionals, has the chance to create and share whatever they want,” said Risa, the CEO and co-founder of BUD. 

The mobile platform launched in November 2021 and is free to download. So far, users have created more than 15 million assets and experiences in the app. BUD has made the list of top 10 social platforms in over 38 countries and is widely used in North America, South America, and Southeast Asia. 

BUD raised $15 million in its Series A+ first-round fundraising in February. With the second round announced today, the company plans to use the funds to continue updating the app – developing new creation tools, expanding the global user base, launching new Web3 products for its Metaverse ecosystem, and creating an NFT marketplace.  

You can check out last week’s Metaverse Fundraising report here.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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