Bud, a gaming platform powered by user-generated content, raised $36.8 million in a Series B round led by Sequoia Capital India.
ClearVue Partners, NetEase and Northern Light Venture Capital also participated in the round, alongside existing investors GGV Capital, Qiming Venture Partners and Source Code Capital, Bud said in a statement Tuesday.
Founded in 2019 by former Snap engineers Risa Feng and Shawn Lin, Singapore-headquartered Bud describes itself as a “metaverse” platform that encourages users to create and share 3D interactive experiences.
In addition to customizing avatars, users can also create and explore millions of experiences ranging from hangouts to battle royale style games.
The company said it would use the funds to further develop its authoring tools, grow its global user base and roll out Web3 products. The company also plans to launch its own non-fungible token (NFT) marketplace.
To date, Bud claims that over 15 million 3D experiences and assets have been created on the platform. User-generated 3D assets have been traded over 150 million times.
Bud is the latest in a string of companies to indicate it will launch an NFT marketplace as it seeks to expand.
Late last year, Justin Kan, the co-founder of video game streaming service Twitch, and other game industry entrepreneurs announced they were launching a Solana-based marketplace designed for NFT games, called Fractal. Former music streaming service LimeWire also announced its return as a digital collectibles NFT marketplace in March.