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

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 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. Tags in this story Albert Kim, Coentry Investment, Doubleme, Metaverse, samsung electronics, series a round, TwinWorld

What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Report: Japanese Carmakers Toyota and Nissan Enter the Metaverse METAVERSE | 23 hours ago Fidelity Launches Multi-Level Learning Center in Metaverse METAVERSE | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBank of Russia to Pilot Digital Ruble Settlements in 2023 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms