BUD, a user-generated metaverse platform, has announced a $36.8 million Series B funding round.

The round is set to be led by Sequoia Capital India, with participation from ClearVue Partners, NetEase and Northern Light Venture Capture.

BUD launched globally in November 2021 and entered the top 10 of social apps in more than 38 countries throughout North America, Southeast Asia, and South America.

Founded by former Snap engineers in 2019, the Singapore-headquartered company encourages users to create and share 3D interactive experiences by using its platform’s creation tools.

To date, more than 15 million 3D experiences and assets have been created on the platform with user-generated 3D assets having been shared over 150 million times.

BUD’s aim is to establish itself as a social media destination for Gen Z, said Aakash Kapoor, vice president at Sequoia India.

“We are impressed by the passion with which the founders have built BUD and are excited about their future plans for localisation and growth,” Kapoor added.

Shawn Lin, co-founder at BUD, said: "While BUD makes 3D content creation possible for mainstream Gen Z consumers, we will continue to bring blockchain to mainstream consumers and allow our creators to truly own and monetise their creations.”

BUD has also expressed the future intent to launch its own Non-Fungible Token (NFT) marketplace.

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