Together Labs, creator of avatar-based social platform IMVU, has secured $35 million in funding from investors including Structural Capital and NetEase.
The funds will allow Together Labs, formally known as IMVU Inc, to fund product development along with other initiatives designed to accelerate its business.
It's also notable to see Chinese game and tech company NetEase continue its recent spending spree, with it having sunk cash into developers including Bossa Studios and Behavior Interactive, and opened a studio in Japan, over the past two years.
According to Together Labs, IMVU is the world's largest avatar-based social network, and boasted over 7 million monthly active users in 2020. The smartphone and PC app allows users to create and customize virtual avatars, chat with friends, hang out at virtual locations, and design virtual products to earn real cash.
"We appreciate the confidence this major investment represents led by NetEase and other investors," said Together Labs chief exec Daren Tsui. "The formation of Together Labs, is a new chapter for the company allowing us to aggressively pursue our vision of immersive social metaverses where authentic friendship and peer to peer commerce thrive."