Silver Lake leads the $150 million funding round for NFT firm Genesis

The private equity firm’s latest move demonstrates that traditional investment firms have started buying Web.3.0 projects as part of their investment thesis. The growing interest in a decentralized internet built upon blockchain networks continues to encourage big money to invest in small and medium-sized cryptocurrency firms.

Silver Lake, a tech-investment firm that manages over $90 Billion of assets, announced it was leading the $150 million investment round for Genesis. Genesis is an NFT avatar company. It previously attracted investment worth $100 million from Disney’s former CEO Bob Iger, who now serves on its board. The company, after the funding round, is valued at $1 billion – putting it as one of the unicorn startups.

According to the report, Genesis’ success will be largely dependent on people buying the idea of the Metaverse. The company’s main role is to let users mint NFTs and create their own digital avatars.

To become their official provider for avatars and NFTs, Genesis has partnered with Hollywood studios such as Warner and Universal. It now works with well-known artists like Cardi B, Migos, Justin Bieber and Migos to create their digital avatars.

DealBook reported that Genesis did not disclose financial information or whether Genesis was profitable.

Silver Lake continues to diversify its investments in crypto-oriented investment and has been showing an increasing interest in digital asset businesses. The private equity group’s crypto investments include Fanatics, which owns the NFT sports collectibles company Candy Digital, and the blockchain infrastructure company Alchemy, valued at $10.2 billion after the most recent funding round.

 

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