Total amount raised
$1 Billions
Latest funding date
April, 2022
Location
Genies has successfully raised $250 million over multiple funding rounds, achieving a valuation of $1 billion. The company is in the Series C funding stage, with notable investors including Silver Lake, BOND, NEA, Bob Iger, and Scale-Up Venture Capital.
Keep reading to explore the intricacies of Genies' fundraising journey and the investors backing this innovative platform.
What Is Genies?
Genies, founded in 2011, is an AI avatar and game technology company based in Los Angeles, California. The company was established by Akash Nigam, Evan Rosenbaum, Jake Adams, and Matt Geiger.
Genies specializes in creating immersive, personalized, and gamified digital experiences through their advanced technology stack. They offer a range of products, including the Genies Avatar Framework and the AR Developer Kit, which enable developers to create interoperable avatar experiences.
With a team of 101-250 employees, Genies has formed partnerships with major entities like Universal Music Group and Warner Music Group, further solidifying their presence in the digital avatar space.
How Much Funding Has Genies Raised?
- Series A
- Amount Raised: Not publicly disclosed
- Date: May 11, 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's initial product offerings and scale operations.
- Venture Round
- Amount Raised: $250K
- Date: Jan 22, 2017
- Lead Investors: Joe Montana
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for product development and market entry.
- Venture Round
- Amount Raised: $3M
- Date: Dec 8, 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the technology stack and expand the team.
- Venture Round
- Amount Raised: $1.6M
- Date: May 17, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue product development and market expansion.
- Venture Round
- Amount Raised: $10M
- Date: Nov 19, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and secure strategic partnerships.
- Venture Round
- Amount Raised: $25.2M
- Date: Jun 11, 2019
- Lead Investors: Breyer Capital, Tull Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market presence and enhance product offerings.
- Venture Round
- Amount Raised: $3M
- Date: Nov 20, 2020
- Lead Investors: BANDAI NAMCO Entertainment (021 Fund)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new features and expand the user base.
- Series B
- Amount Raised: $65M
- Date: May 3, 2021
- Lead Investors: Bond
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the technology platform.
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: Mar 14, 2022
- Lead Investors: Robert Iger
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic insights and mentorship from experienced industry leaders.
- Series C
- Amount Raised: $150M
- Date: Apr 12, 2022
- Lead Investors: Silver Lake
- Valuation at Round: $1 billion
- Motivation Behind the Round: To launch a network connecting cultural icons with innovation partners and further develop avatar technology.
Total Amount Raised: $258.05M. Current Valuation: $1 billion.
Key Investors
- Silver Lake
- Details: Silver Lake is a global technology investment firm known for its significant investments in high-profile companies. The firm is co-led by Egon Durban, who has expressed excitement about partnering with Genies.
- Investment Focus Areas: Technology, entertainment, media, sports.
- Notable Investments: Dell Technologies, Airbnb, Twitter.
- Robert Iger
- Details: Robert Iger is the former CEO of The Walt Disney Company and a prominent figure in the media and entertainment industry. He has invested in Genies to provide strategic insights and mentorship.
- Investment Focus Areas: Media, entertainment, technology.
- Notable Investments: Disney-related ventures.
- Bond
- Details: Bond is a venture capital firm that focuses on growth-stage technology companies. The firm has been an existing investor in Genies, participating in multiple funding rounds.
- Investment Focus Areas: Technology, consumer internet.
- Notable Investments: Spotify, Uber, Slack.
- BANDAI NAMCO Entertainment (021 Fund)
- Details: BANDAI NAMCO Entertainment is a major player in the entertainment and gaming industry. The 021 Fund is their investment arm focused on innovative startups.
- Investment Focus Areas: Entertainment, gaming.
- Notable Investments: Various gaming and entertainment startups.
- Breyer Capital
- Details: Breyer Capital is a global venture capital and private equity firm. The firm is known for its investments in transformative technology companies.
- Investment Focus Areas: Technology, media, healthcare.
- Notable Investments: Facebook, Etsy, Marvel Entertainment.
What's Next for Genies?
Genies stands at the forefront of the digital avatar revolution, holding a 99% market share in the celebrity avatar space. With partnerships with Universal Music Group and Warner Music Group, the company is poised to capitalize on the burgeoning Web3 and NFT markets. The recent $150 million Series C funding round, led by Silver Lake, has not only elevated Genies to unicorn status but also provided the resources to expand their core technology and hire top engineering talent.
Future fundraising opportunities seem promising as Genies continues to innovate and grow. The company’s focus on empowering creators with commercialization rights and launching tools like "The Warehouse" NFT marketplace positions it well for further investment. However, challenges such as competition in the NFT space, regulatory hurdles, and the need for continuous technological innovation could pose significant obstacles. Despite these challenges, Genies' strategic partnerships and robust market position suggest a bright future ahead.
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