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Samsung Participates in Sequence A Spherical That Raised $25 Million for a Metaverse Startup

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A Korean metaverse startup, Doubleme, is alleged to have raised $25 million in a Sequence A spherical that noticed the main South Korean electronics producer Samsung Electronics participate.

Capital Raised to Fund Advertising Efforts

The South Korean electronics and smartphone maker Samsung is reported to have participated in Sequence A funding which raised $25 million for a Korea-based metaverse startup, Doubleme. The spherical was led by Coentry Funding and NH Funding.

In keeping with a Techinasia report, the startup, which was based in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, will use the funds raised for product growth, advertising and marketing and hiring functions.

Doubleme additionally goals to commercially launch a Twin World metaverse platform that helps synthetic actuality gadgets later within the 12 months, the report added.

Twin World, which was launched in November 2020, permits customers to create a man-made actuality expertise in any bodily location. Since its launch, the platform has generated about $4.5 million in income from its paying clients which might be discovered throughout 17 cities.

Previous to the newest funding spherical, Doubleme had beforehand raised $1 million in seeding funding. As well as, the startup had additionally acquired a $16 million grant from the South Korean and the U.Ok. authorities. Samsung has been doubling-down on metaverse and NFT ideas for fairly a while.

On the finish of March, Samsung partnered with Nifty Gateway with a view to combine NFT tech into the agency’s lineup of good tv merchandise. In the course of the first week of January, Samsung launched a digital model of the corporate’s electronics retailer within the Decentraland metaverse world.

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