It has over the years made a handful of minority investments in companies outside China, though it’s not nearly as aggressive as Tencent in terms of investment pace and volume.During these challenging times, we guarantee we will work tirelessly to support you. It is a natural fit for us to become partners,†he added.įounded in 2005, NetEase is now known for its news portal, music streaming app, education products and video games that compete with those of Tencent. We have many shared business philosophies and complementary know-how.
€œIMVU operates one of the world’s oldest, yet most vibrant and young — in terms of our user base — metaverses. €œNetEase operates some of the most successful, biggest in scale, and evergreen MMO games in China and they see in IMVU business highlights echoing theirs,†Daren Tsui, chief executive officer at Together Labs, told TechCrunch. A new parent organization called Together Labs was formed to oversee its flagship platform IMVU, in which users can create virtual rooms and chat with strangers using custom avatars, a product that’s today considered by some a dating platform a new service called Vcoin, which lets users buy, gift, earn and convert a digital asset from the IMVU platform into fiat and other virtual services. The fresh investment will be used to fund IMVU’s product development and comes fresh off a restructuring at the company. The company declined to disclose its post-money valuation. IMVU has raised more than $77 million from five rounds since it was co-founded by “The Lean Startup†author Eric Ries back in 2004.
Menlo Park-based Structural Capital among other institutions that also joined in the strategic round totaling $35 million. NetEase, the second-largest gaming company in China (behind Tencent), is among a group of investors who just backed IMVU, an avatar-focused social network operating out of California. The line between social networking and gaming is increasingly blurring, and internet incumbents are taking notice.
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