Metaverse Avatar Creator Ready Player Me Raises $56M in Series B led by a16z

The funding round included participation from the co-founders of Twitch and Roblox.

AccessTimeIconAug 23, 2022 at 11:59 a.m. UTC
Updated May 11, 2023 at 6:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ready Player Me, an Estonian company that creates avatars in the metaverse, has raised $56 million in a Series B funding round led by Andreessen Horowitz's crypto and gaming funds.

According to a press release, investors also include Twitch co-founder Justin Kan, Roblox co-founder David Baszucki, and Kevin Hart’s Hartbeat Ventures, among others.

The fresh capital will go towards scaling the team up from the current 51 members while also building developer tools that will allow companies to create avatars that can be used across various virtual worlds.

Ready Player Me initially raised $13 million in December and has since worked with companies including Tencent, Huawei, HTC, Wargaming and Verizon (VZ).

Blockchain gaming usage has increased exponentially this year, with an April report from DappRadar saying gaming now accounts for 52% of all blockchain activity. Investment has jumped alongside, with the same report noting $2.5 billion of funding raised in the first quarter of 2022, up 150% from the year-ago level.

Andreessen Horowitz launched its first gaming fund in May with a $600 million commitment. Shortly later, the firm announced its fourth crypto fund worth $4.5 billion, doubling down on the crypto industry in spite of the market downturn.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.