Asked what these avatar tools might look like, the startup went somewhat quiet again.Īllison Sturges said, “I think that's probably something that I'll hold off on sharing. The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold. Avatars-digital figures that represent an individual-may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. The company wants to extend avatars to everyone else. Former Disney boss Bob Iger joined the company’s board in March.
The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”įounded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. 8, and previous experience in digital fashion and 3D art development is not required. Genies will accept applications for the debut program until Aug. There, people can buy, sell and trade avatar creations, such as wearable items. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. “I think us being able to work hands on with this next era-this next generation of designers and entrepreneurs-not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.ĭIY Collective’s initial cohort will include roughly 15 people, Sturges said. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators-and their audiences-to the company’s platforms. Similar programs are common in the startup world and in the creator economy. Those include Squad App, which was acquired by Twitter and ThisisL, which was bought by P&G.
Halogen was founded by Draper in 2015 and has invested in over 60 female-founded companies, ten of which have exited. Established firms secured nearly 75% of total capital raised in 2020, the highest share since 2012.įunding of female-founded startups fell 27% last year, according to Crunchbase data, and Los Angeles saw the biggest drop in funding in a decade for female-led startups in 2020. Only 2% of the $8 billion in venture capital that poured into Los Angeles companies that year went funded female-founded companies.ĭespite all the attention paid to diversity in the last year, the problem actually got worse as investors poured money into big, established funds that are overwhelmingly led by white males. "With this fund, we will continue to prove out that investing in women and diversity are the best bet for allocation of startup capital and make for more economically efficient, profitable, stronger businesses and better returns," Halogen Ventures Founding Partner Jesse Draper said in a statement.įemale founders received fewer than 10% of venture capital deals in Los Angeles in 2019, according to an analysis by dot.LA using data provided by PitchBook. Halogen Ventures, the Los Angeles venture firm focused on increasing the woefully underrepresented number of female founders who lead consumer tech startups, has closed a second $21 million fund.
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