Metaverse-related User-generated content (UGC) platform BUD, a virtual platform to create and experience 3D interactive content with friends, completed a Series B round of financing, led by Sequoia Capital India.
BUD, a user-generated content (UGC) platform created by Shenzhen Pointone Technology (Chinese: 深圳零点一娱乐科技), announced a USD 36.80 million Series B financing round on May 23, led by Sequoia Capital India, with participation from ClearVue Partners, NetEase, and Northern Light Venture Capital.
Existing shareholders GGV Capital, Qiming Venture Partners, and Source Code Capital also participated in this round. MM Capital acted as the exclusive financial advisor. BUD claimed that this round of financing will mainly be used for the continuous iteration of the editor and the expansion to the international market, news portal 36Kr.com reported.
Aakash Kapoor, vice president of Sequoia Capital India, said that BUD is committed to building a metaverse UGC platform for Generation Z, and truly realizes the popularization of 3D content creation.
At present, tens of millions of users have created content on the BUD platform and spontaneously shared their works on other social media, triggering a rapid growth and dissemination, Kapoor added.
Risa, co-founder and CEO of BUD, said that at present, there are more than 15 million UGC original 3D works on the BUD platform, and the total number of 3D material transactions has exceeded 150 million.
Since the global launch of the platform in November 2021, BUD has ranked among the top 10 social applications in 38 countries in North America, South America, Southeast Asia, and other regions, Risa added.
According to the forecast data released by Adobe, the global creative software and creator economy market capacity was expected to reach USD 63 billion in 2024, and the user scale was expected to reach 2 billion in 2024.
Whether it is an economically developed country in North America, or a developing country in South Asia, Africa, and other places, a large number of Generation Z and Millennials are willing to invest in the industry and hope to become content creators.