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. A growing interest in a decentralized internet built on blockchain networks continues to incentivize big money to bet on small and medium-sized crypto firms.
Silver Lake, the tech investment firm managing over $90 Billion in assets, announced leading the $150 Million investment round for Genesis, 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.
Genesis has collaborated with Hollywood studios like Universal and Warner to be their official provider of avatars and NFTs. It is now working with household names like Justin Bieber, Migos, and Cardi B for their tailored digital avatars.
Genesis declined to disclose any financial figures or whether it was profitable, as reported by DealBook.
Silver Lake has shown a growing interest in digital asset firms as it continues to diversify its crypto-oriented investments. 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.