MetaApp Completes $ 100 Million Series C Funding, Making It Largest Fundrai | Pocket Gamer.biz
Today, MetaApp announced the completion of its $ 100 million Series C financing, led by SIG Asia and followed by previous shareholders including CCV, Sky9 Capital, Lighthouse Capital. This saw the largest single fundraiser in the metaverse sector in China, followed by investment. The main product of MetaApp is the platform 233 Playground, which helps overcome the hurdles of publishing in China.
The money raised will be invested in building a disruptive interactive real-time multi-person social community, where everyone can explore, discover and create.
Tim GONG, Managing Director of SIG Asia, said, “MetaApp has become the fastest growing mobile interactive entertainment platform in just 3 years since its inception. The company has leveraged its unique technology and expertise to pin its current platform, 233 Paradise’s leading position in the market.
“Its cutting-edge technical capabilities in areas such as recommending facilitate the efficient consumption of a huge amount of interactive entertainment content, laying a solid foundation for building a creator ecosystem. The unique insight and understanding of the The mobile Internet and interactive entertainment industry team are also impressive. It is our honor to be able to participate in the new cycle of MetaApp, and I look forward to seeing more breakthroughs and leaps in the future of the company. “
ZHOU Wei, Founding Partner of CCV, said, “Since CCV led MetaApp Round A in 2018, we have continued to increase our participation in each subsequent round. As the leading UGC platform for interactive entertainment in China, MetaApp’s unique technical barriers allow it to be a key user center. They have created an ecosystem for developers and users, with strong platform and networking potential.
“HU Sen is a successful serial entrepreneur. The team is a rare breed with comprehensive capabilities in technical training, business acumen, business model innovation and user growth. “, creating social interaction or even potentially global digital citizenship, based on play as a media ‘meta’ form. The possibility and room for the imagination is limitless.”
Investment hot spot
Along with the evolution of the internet ecosystem and game engine technology, the metaverse has recently become a hotspot for investment in the venture capital industry. Metaverse derives from “Meta-Universe”, which refers to a virtual world that allows people to fully immerse themselves in it, communicate, create and have fun. It is the end of the current era of mobile Internet and the embryonic form of the next generation virtual world.
In 2017, HU, who successfully withdrew from his previous company Fengyun Livestreaming, called on Max ZHOU, his young researcher at Yale and the China University of Science and Technology who has just returned from Silicon Valley. , and DUAN Jinwei, a star who graduated in computer science from Tsinghua University. Three technicians have since come together to build a metaverse for all ages.
A similar platform, Roblox today hosts its IPO on NASDAQ, with a pre-market valuation of around $ 30 billion. The company shares an effort to create a metaverse for juniors in the Western world. According to Reuters, 75% of children aged 9 to 12 in the United States use Roblox. Compared to Roblox’s relatively young user group, MetaApp is committed to creating a metaverse for all age groups in China and abroad – an interactive entertainment platform based on a high-quality rendered world. and real-time, and in-depth recommendation algorithms – with the goal of reaching a wider user base. The company has only been in existence for 3 years and has so far raised almost all of Roblox’s funding at the age of 13, reflecting the recognition of investors and their strong confidence in the ecosystem at high added value of MetaApp.
MetaApp has experienced 2 phases of growth: First provides developers with traffic and monetization products, solving their problems: “Developers who create good content usually have poor growth, and those who are growth gurus usually don’t produce. no quality content ”. The gaming industry is full of “copier” products that only optimize the CPI. The platform developed by the team with sandbox virtualization technology has helped quality content providers reach a large loyal user base. In 2020, MetaApp saw a total of 200 million activated users, enabled over one billion hits, and maintained strong growth in daily active users at over 300% year-over-year.
In the 2nd phase, MetaApp goes back up the chain to solve content creation issues. It provides developers with tools and services to dramatically lower the threshold for creating and hosting multiplayer content. Their efforts to support creative ideas and diverse, high-quality user-generated content have resulted in a high degree of user satisfaction and loyalty among developers and enthusiast communities.
Max ZHOU, co-founder of MetaApp, said: “After funding, MetaApp will continue to double talent acquisition and plans to introduce a strong product manager and technology leaders in architect, client, server, operation and maintenance, as well as engine R&D. We want more like-minded people to join us in exploring the future of the Metaverse. “
Founded in 2017, CCV was founded by the former Managing Partner of KPCB China, ZHOU Wei, with his TMT team. It currently manages 4 funds totaling US $ 520 million and RMB 1.5 billion, focusing on early stage and growth investments in industrial internet, advanced technologies and new demand. Promote the growth of Chinese technology industry through investment.
CCV has hosted two IPOs of Wanka Online (HK: 1762) and Que Chen (SHSE: 605183) in just over 3 years. Other well-known portfolios invested by the team include: JD.com, JDT, Himalaya, CreditEase, Rong360, VenusTech, Tantan, PerfectCorp, FlashHold, CowaRobot, Shukun Technology, Yunhu Technology, etc.
MetaApp was created in 2017 and is best known for its 233 Playground platform. The founding CEO, HU Sen, was awarded the first place in computer science at the University of Science and Technology of China and won the Guo Moruo Prize. He received a full scholarship for a doctorate. study at Yale, and dropped out to found his first Octopus TV and Fengyun Liverstreaming business in China with a successful exit.
Co-founder Max ZHOU was admitted to the China University of Science and Technology at the age of 14 and received his postgraduate degree in computer science from Yale. He leads product and growth at MetaApp. Co-founder DUAN Jinwei is a featured graduate of Tsinghua University and now leads technology development at MetaApp. Currently, MetaApp is the leading UGC platform for interactive entertainment in China, and recently completed its Series C funding. The company is backed by investors such as CCV, SIG Asia, DST Global, Sky9 Capital and Ceyuan Venture.