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Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz CryptoGlobe


Cross-platform, AI-powered avatar creation platform for the metaverse, Ready Player Me, raised $56 million in a Series B funding round led by Andreessen Horowitz (a16z). The startup’s co-founder and CEO, Timmu Tõke, said the funding would be used to scale the cross-platform metaverse avatar system.

Investors inject Ready Player Me with fresh capital, CEO says ‘interoperability’ is key to unlocking the metaverse

On Tuesday, Ready Player Me (RPM), a startup that issues 3D avatars to mine in the metaverse, announced that the company has raised $56 million in a Series B funding round. the company’s Series A announced in December 2021, when the team raised $13 million in a funding round led by Taavet + Sten.

The $56 million Series B funding was led by a16z, and other participants include Roblox co-founder David Baszucki, King Games co-founders Sebastian Knutsson and Riccardo Zacconi, Hartbeat Ventures, Punk6529, family D’Amelio, Snowfro, Collab Currency, Plural, and Konvoy Ventures. Twitch co-founder Justin Kan also participated in RPM Series B. RPM CEO Timmu Tõke believes that cross-platform connectivity will be key to unlocking the metaverse.

“What will unlock the true metaverse experience is interoperability between games, worlds and apps and a consistent identity for users across all experiences,” Tõke said Tuesday. “We believe it is essential for users of virtual worlds to create an avatar they love and to purchase avatar skins and accessories that work across the metaverse and are not stuck in one game. RPM exec added:

This injection of funds will allow Ready Player Me to continue to evolve the avatar system to make it more flexible for developers, create new tools to help developers monetize avatar assets, and create tools to individual creators to participate in the cross-game avatar marketplace. .

Ready Player Me strikes deals with high-profile players, while popular brands and corporate giants seek to capitalize on the metaverse concept

RPM has already formed partnerships with well-known companies, including companies such as Adidas, Warner Brothers, Pull & Bear and Dior. The startup also works with Hiber, Mzaalo, the Nemesis platform, 8th Wall and Pixelynx. RPM has also made custom avatar infrastructure for giants like HTC, Verizon, Tencent, and Wargaming. Jonathan Lai, general partner of a16z, said the investment firm was “impressed with the team” and noted that a16z looked forward to working with RPM.

“Ready Player Me is loved by both developers and gamers as the largest platform for avatar-as-a-service systems and is well on its way to creating the interoperable identity protocol for the open metaverse. “, explained Lai during the announcement on Tuesday. .

RPM’s funding follows a large influx of popular brands and companies looking to capitalize on the metaverse concept. This week, the fund manager with $1.4 billion in assets under management (AUM), Invesco, launched a metaverse fund. The Hong Kong University of Science and Technology is building a metaverse campus, and the University of Tokyo is offering engineering courses dedicated to metaverse technology.

During the second week of August, reports had shown that Samsung had signed a memorandum of understanding (MOU) with a number of metaverse startups. However, the metaverse has also been heavily criticized, as the concept has been criticized by luminaries like billionaire investor Mark Cuban and Ethereum co-founder Vitalik Buterin.

Keywords in this story

3D Avatars, 3D Worlds, Avatars, Blockchain, Cross-Platform, Hong Kong University of Science and Technology, Interoperability, Invesco, Meta, Meta Worlds, Metaverse Avatar System, Metaverse Gaming, Metaverse Technology, Metaverse Worlds, nft, NFT, Ready Player Moi, readyplayer.me, RPM, Samsung, Timmu Tõke, University of Tokyo, Virtual Worlds

What do you think of Ready Player Me raising $56 million from a16z and other strategic investors? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.




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