India s Crypto Economy | The Making Of A Metaverse Economy
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Uphold e IMVU se unen para captar nuevos usuarios del mundo cripto
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Avatar-based social platform Imvu just closed an investment round of over $35 million from NetEase, Structural Capital, and other investors who were not disclosed.
This investment will go towards the growth of its social network, Imvu, which has seven million monthly active users, and its new user-generated platform WithMe Entertainment. Both now come under the newly created parent company Together Labs.
The firm also announced its own cryptocurrency last year, Vcoin, which was launched earlier this month.
Together Labs CEO Daren Tsui commented: With Imvu s accelerating growth over recent years, the launch of Vcoin, and the development of the new WithMe platform, we felt timing was right to bring all of these products under a new roof to reinforce our commitment for creating authentic human connections in virtual spaces.
Virtual social network IMVU raises $35M from China’s NetEase and others
The line between social networking and gaming is increasingly blurring, and internet incumbents are taking notice. NetEase, the second-largest gaming company in China (behind Tencent), is among a group of investors who just backed IMVU, an avatar-focused social network operating out of California.
Menlo Park-based Structural Capital among other institutions that also joined in the strategic round totaling $35 million. IMVU has raised more than $77 million from five rounds since it was co-founded by “The Lean Startup” author Eric Ries back in 2004. The company declined to disclose its post-money valuation.