THE DAILY ENCRYPT

September 25, 2022

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

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...
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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

The South Korean electronics and smartphone maker Samsung is reported to have participated in Series A funding which raised $25 million for a 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 in the year, the report added.

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 latest funding round, Doubleme had previously raised $1 million in seeding funding. In addition, the startup had also received a $16 million grant from the South Korean and the U.K. government. Samsung has been doubling-down on metaverse and NFT concepts for quite 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.

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