Metaverse app developer Bud has closed its $36.8 million Series B funding round led by Sequoia Capital India.

We are excited to announce the $36.8 million Series B led by @Sequoia_India! Fund, develop creation tools, grow its global user base, and #metaverse ecosystem. Special thanks to all our investors, creators and supporters!https://t.co/lJ81XvJOtK

– BUD (@budcreate) 23 May 2022

Participants in the round were ClearVue Partners, NetEase, Northern Light Venture Capital, as well as existing investors GGV Capital, Qiming Venture Partners and Source Code Capital.

The total amount of funds received by the venture exceeded $60 million.

The Singapore-based startup was founded in 2019 by two former Snap engineers, Risa Feng and Sean Lin. They position the app as a metaverse social platform that allows players to create and share virtual 3D items. According to BUD, since its launch, the number of transactions with gaming products has exceeded 150 million.

Proceeds will be used to develop tools to create game items, expand the user base, and distribute Web3 products for the Metaverse ecosystem.

The company also plans to open its own NFT market. The BUD team did not disclose what network and tokens it is using for the solution, which will be released “soon”.

“BUD has already made it possible to create 3D content for the main consumers of the zoomer generation and will now make it available to blockchain users. “This will allow our creators to truly own and monetize their creations.”

Recall that some developers and traditional players negatively perceived the penetration of blockchain and NFT technologies into the gaming industry.