IMVU Raises $10 Million for 3D Virtual Community

Authored by Mark Hefflinger on January 22, 2009 - 8:31am.

Palo Alto, Calif. - IMVU, the developer of a 3D virtual community for consumers, announced on Thursday that it has closed a $10 million fourth round of funding, led by Best Buy Capital.

Previous backers Menlo Ventures, Allegis Capital and Bridgescale Partners also participated in the round, which IMVU will use for continued development of its virtual community.

Launched in 2004, Palo Alto, Calif.-based IMVU's virtual world, still in public beta, counts over 30 million registered users and 100,000 registered developers.

The company said the virtual world is already generating $1 million in revenue monthly, chiefly from the sale of virtual credits used to purchase digital products.

IMVU currently counts over 2 million digital items created by members of the virtual community.

Related Links:
http://snipurl.com/ajrjg

http://www.imvu.com

Published in DMW Daily, January 22, 2009

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Comments

Im really not too sure why

Submitted by Steven Finch (not verified) on January 22, 2009 - 11:19pm.

Im really not too sure why anyone would want to invest in this company!! They are just going to piss the money up the wall with advertising and then hopefully sell the company instead of doing a 5th round.