BUD, the Metaverse application, has successfully raised $36.8 million, with aspirations to create an NFT marketplace.

The Singapore-based Metaverse enterprise BUD has announced it raised $36.8 million in a Series B funding effort aimed at enhancing the platform and building an in-app NFT marketplace.

Sequoia Capital India took the lead in this fundraising round, with contributions from ClearVue Partners, NetEase, and Northern Light Venture Capital.

Founded in 2019 by former Snap engineers Risa Feng and Shawn Lin, BUD is a mobile Metaverse platform focused on user-generated content. It provides users with intuitive tools to create and share immersive 3D experiences, appealing mainly to a young audience, particularly GenZ members.

"With our immersive 3D experiences and explosive growth among GenZ users globally, BUD is swiftly establishing itself as a premier user-generated content platform in the fledgling Metaverse,\" said William Chen, the founding managing partner at ClearVue Partners. said Within the virtual environment of BUD, users have the ability to personalize their avatars, organize meetups, engage in events, and play thrilling battle royale games while connecting with others.

"The media of tomorrow will go beyond the conventional formats like text, images, or videos, evolving into more immersive and interactive experiences. BUD serves as a user-generated platform for a 3D realm, empowering everyone—not just hardcore gamers or professionals—to create and share their imaginations,\" remarked Risa, CEO and co-founder of BUD.

Launched in November 2021, the mobile platform is available for free. Users have already crafted over 15 million assets and experiences within the app. BUD ranks among the top ten social platforms in more than 38 countries, enjoying considerable popularity in North America, South America, and Southeast Asia.

Earlier this year, BUD raised $15 million in its initial Series A+ funding round in February. With the current second round's announcement, the company aims to utilize the new funds for continuous app updates, enhancing creation tools, growing its global user base, introducing innovative Web3 products for its Metaverse ecosystem, and building an NFT marketplace.

Check out the previous week's report on Metaverse fundraising.

Metaverse Fundraising Weekly Report #4 here .

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