AAA Zepeto secures $190m in series B

Zepeto secures $190m in series B

South Korea-based metaverse platform Zepeto has raised approximately KRW223bn ($190m) in a series B round led by telecommunications and internet group SoftBank’s Vision Fund II, Aju Business Daily reported today.

SoftBank invested $150m in the round, which valued the company at about $1bn, according to the Wall Street Journal. It also featured entertainment agencies Big Hit Entertainment, YG Entertainment and JYP Entertainment.

Developed by South Korea-headquartered internet group Naver Corporation and also known as Naver Z, Zepeto has built an online platform with 2 million daily active users who can create avatars based on their own personal appearance and use them to play a 3D metaverse game.

The platform allows players to design digital worlds and custom items for their avatars including clothing and accessories. It intends to use the funding to further accelerate international expansion, but has not disclosed precise details of any earlier financing.

Kim Dae-wook, chief executive of Zepeto, said: “Our expansion into a new business such as cooperative metaverse means a lot to Zepeto. We will build a more comprehensive metaverse worldview through various attempts in the future.”