Sections

 Get your job in front of the right talentSearch our CV libraryUtilise the global reach of Gamesindustry.biz

Imvu receives $35m investment

The round was led by NetEase, while the company rebranded as Together Labs

Avatar-based social platform Imvu just closed an investment round of over $35 million from NetEase, Structural Capital, and other investors who were not disclosed.

This investment will go towards the growth of its social network, Imvu, which has seven million monthly active users, and its new user-generated platform WithMe Entertainment. Both now come under the newly created parent company Together Labs.

The firm also announced its own cryptocurrency last year, Vcoin, which was launched earlier this month.

Together Labs' CEO Daren Tsui commented: "With Imvu's accelerating growth over recent years, the launch of Vcoin, and the development of the new WithMe platform, we felt timing was right to bring all of these products under a new roof to reinforce our commitment for creating authentic human connections in virtual spaces.

"We appreciate the confidence this major investment represents led by NetEase and other investors. The formation of Together Labs, is a new chapter for the company allowing us to aggressively pursue our vision of immersive social metaverses where authentic friendship and peer to peer commerce thrive."

 Get your job in front of the right talentSearch our CV libraryUtilise the global reach of Gamesindustry.biz

More stories

Electric Gamebox raises $11m in Series A funding

Investment to expand immersive gaming platform to over 1,000 retail locations by 2026

By Jeffrey Rousseau

How Games Industry Gathering became "the safest space on the internet"

Founder Guy Blomberg and hosts Nika Nour and Cristina Amaya discuss how they tackle toxicity and increase diversity in the online community

By James Batchelor

Latest comments

Sign in to contribute

Need an account? Register now.