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3D social network BUD raises $15M in Series A+ round
Investors are justling to find the next killer app for the metaverse. BUD , an app that allows users to create their customizable 3D experiences and interact with others, said today it has landed $15 million funding in a Series A+ round. Featuring cuddly characters that are reminiscent of Animal Crossing, BUD only rolled out in November. Within weeks it shot to the top 10 social apps on Android in several countries including the U.S., according to analytics firm App Annie, though its ranking has sunk to the 100s since. The slowing momentum didn’t stop some of China’s most active investors from betting on the nascent app. Qiming Ventures Partners led the round, with Source Code Capital, GGV Capital and Sky9 Capital also participating in the “oversubscribed” Series A-plus raise. It didn’t disclose how much it raised from its Series A round. The fresh proceeds will be used for product R&D and user growth in the international market, BUD said. Former Snap engineers Shawn Lin and...
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