Samsung Participates in Series A Round That Raised $25 Million for a Metaverse Startup – Metaverse Bitcoin News

Doubleme, a Korean metaverse company, has raised $22.5 million through a Series B round in which Samsung Electronics participated.

To fund marketing efforts, capital raised

According to reports, Samsung Electronics and Smartphone maker in South Korea participated in the Series A financing that raised $25 Million for Doubleme, a Korean metaverse startup. Coentry Investment, NH Investment, led the round.

Techinasia reports that the fund will be used for marketing, product development and hiring.

The report stated that Doubleme plans to launch commercially a Twin World metaverse platform for artificial reality devices in late 2012, and it is also being pursued by Doubleme.

Twin World launched in November 2020 and allows anyone to create an artificial world experience at any location. It has been able to generate about $4.5million in revenue through its 17 city-based paying customers since it was launched.

Doubleme raised seeding money of $1 million before the current round. Additionally, Doubleme had previously received $16 million in seeding funding from South Korea and the U.K. governments. Samsung has been investing heavily in metaverse and NFT concepts since a long time.

At the end of March, Samsung partnered with Nifty Gateway in order to integrate NFT tech into the firm’s lineup of smart television products. During the first week of January, Samsung launched a virtual version of the company’s electronics store in the Decentraland metaverse world.

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Terence Zimwara

Terence Zimwara was a Zimbabwe Award-winning journalist and author. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.