Non-fungible token (NFT) platform, Genies, has raised $150 million in its latest funding round led by private equity firm Silver Lake. The new capital will be used for new hirings as Genies is looking to “further invest in the technology of its avatar universe.”

In a press release issued on Tuesday, the company said the latest financial injection brings it at a $1 billion valuation.

Akash Nigam, CEO of Genies, commented about his firm’s ambitions:

“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2.

With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas, and experiences as avatar creations.”

Egon Durban, Co-CEO of Silver Lake, said:

“Genies has established its leadership in Web3 with remarkable speed and focus, fueled by a long term vision and clarity of purpose that we have been watching closely and greatly admire.

We’re excited to partner with and support Akash, his co-founder Evan, and the entire Genies team as they make it possible for people to build the avatar ecosystems that we believe will drive the next evolution of human expression, communication and creativity.”

Prior to the latest funding, Genies has raised $100 million from investors such as Dapper Labs, Polychain, Coinbase Ventures, BOND, and others.

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