According to online news sources, the newest social hangout app on the block, BUD, has reportedly raised $36.8 million worth of funds in a Series B funding round. It is the latest funding round the app has closed in the last three months. In February, the start-up was successful in getting a Series A extension. In the previous funding rounds, BUD was able to receive funding from established investors in the global community, like –
- GGV Capital
- Qiming Venture Partners
- Source Code Capital
- Sky9 Capital
The infusion of $36.8 million brings the total financing of the company to more than $60 million now. This funding round was reportedly led by Sequoia Capital India. It attracted many other prominent investors like NetEase, ClearVue Partners, and Northern Light Venture Capital. It also saw participation from some existing investors – Qiming Venture Partners, Source Code Capital, and GGV Capital.
The company aims to use the funds for growing its users in the global market, and for product research and development. To take the user experience one step further, the app plans to introduce an NFT marketplace in the near future. However, the company has not disclosed which chain or tokens will be used for the NFT project.
About BUD: Created in 2019 by a start-up based in Singapore, BUD is essentially an app that creates a metaverse for people to play and interact with each other. It was started by Shawn Lin and Risa Feng, who are former Snap Engineers. Users can create unique 3D characters on BUD, besides richly-colored experiences and cute virtual assets using a simple drag-and-drop feature.
