Metaverse platform BUD raises $15m Series A+ from Qiming Venture, GGV Capital

BUD Technologies, one of the world’s largest 3D user-generated content platforms, has raised fresh capital in a Series A extension round led by Shanghai-based Qiming Venture Partners.

Existing investors GGV Capital, Source Code Capital, and Sky9 Capital also participated in the round. 

The startup, founded in 2019, has now raised some $23 million in venture capital, since its $1.5 million seed funding from Sky9 in 2019.

BUD, co-founded by Snapchat alumni Risa Feng and Shawn Lin, allows users to create and share 3D interactive experiences on a global virtual platform. 

BUD, which is setting up its headquarters in Singapore, has its operations spread across China and the US. 

The new funds will be used to build up the app’s 3D creation tools to add more functions. The company also plans to tap onto VR consoles to expand its adoption from the mobile-only platform. Further, it says, it will continue to invest in content moderation and trust systems.

“BUD is essentially a new kind of 3D social network. The product is still very young but has shown some great traction among Gen Z and Gen Alpha,” said Jenny Lee, managing partner at GGV Capital of the firm’s decision to invest in the startup. 

“The rise of any new social platform tends to come from a new generation of consumers as they look for a new way to connect,” Lee added. 

BUD has not disclosed its active user metrics. 

The company said that since the launch of its platform in June last year, more than eight million 3D content has been created, and 3D assets have been traded more than 45 million times.