Metaverse BUD Platform Raises $15M Series A+ from Qiming Venture, GGV Capital
BUD Technologies, one of the world’s largest user-generated 3D content platforms, has raised new capital in a Series A expansion round led by Shanghai-based Qiming Venture Partners.
Existing investors GGV Capital, Source Code Capital and Sky9 Capital also participated in the round.
The startup, founded in 2019, has now raised some $23 million in venture capital, since its $1.5 million seed funding from Sky9 in 2019, according to data from Crunchbase.
BUD, co-founded by Snapchat alumni Risa Feng and Shawn Lin, enables users to create and share 3D interactive experiences on a global virtual platform.
BUD, which sets up its headquarters in Singapore, has its operations spread across China and the United States.
The new funds will be used to expand the app’s 3D creation tools to add more functions. The company also plans to leverage VR consoles to expand its adoption from the mobile-only platform. Additionally, he says, he will continue to invest in content moderation and trust systems.
“BUD is essentially a new type of 3D social network. The product is still very young but has shown great traction among Gen Z and Gen Alpha,” said Jenny Lee, managing partner at GGV Capital, of the firm’s decision to invest in the startup. Lee led the transaction for GGV.
“The rise of any new social platform tends to come from a new generation of consumers looking for a new way to connect,” she added.
BUD did not disclose its active user metrics.
The company said that since its platform launched in June last year, more than eight million 3D content pieces have been created and 3D assets have been traded more than 45 million times.