A Korean metaverse startup, Doubleme, is said to have raised $25 million in a Series A round that saw the leading South Korean electronics manufacturer Samsung Electronics take part.
Capital raised to fund marketing efforts
South Korean electronics and smartphone maker Samsung has reportedly participated in a Series A funding round that raised $25 million for Korea-based metaverse startup Doubleme. The round was led by Coentry Investment and NH Investment.
According to a Techinasia report, the startup, which was founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, will use the funds raised for product development, marketing and hiring purposes.
Doubleme also aims to commercially launch a Twin World metaverse platform that supports artificial reality devices later this year, the report adds.
Twin World, which was launched in November 2020, allows users to create an artificial reality experience in any physical location. Since its launch, the platform has generated about $4.5 million in revenue from its paying customers that are found across 17 cities.
Prior to the last funding round, Doubleme had already raised $1 million in seed funding. Additionally, the startup had also received a $16 million grant from the South Korean and British governments. Samsung has been doubling down on the concepts of metaverse and NFT for some 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.
