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.
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REDWOOD CITY, Calif., Jan. 25, 2021 /PRNewswire/ IMVU Inc. announced a strategic round of investment of more than $35 million from
NetEase inc, one of China s leading internet and online game services providers, and other investors. The investment will be used to fund product development and other initiatives to address the company s growing businesses, which includes
IMVU, the world s largest avatar social platform and WithMe Entertainment, a new user-generated platform in development for friendship and shared experiences.
The investment comes as IMVU Inc. reformed under the new parent company name Together Labs, focusing on creating products that redefine social media as a catalyst for authentic human connections. This formation positions Together Labs as a leader and innovator in technologies that empower people worldwide to connect with friends, find community, and create peer to peer economies.