Samsung Participates In A Series A Funding Round That Raised $25 Million For A Metaverse Startup Doubleme

Doubleme, a Korean metaverse startup, is said to have raised $25 million in a Series A round led by Samsung, the leading South Korean electronics manufacturer.

Samsung, a South Korean electronics and smartphone manufacturer, is said to have participated in a $25 million Series A funding round for Doubleme, a Korea-based metaverse startup. Coentry Investment and NH Investment led the round.

According to a Techinasia report, the funds raised will be used for product development, marketing, and hiring by the startup, which was founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim.

According to the report, Doubleme also plans to commercially launch a Twin World metaverse platform that supports artificial reality devices later this year.

Twin World, which will be available in November 2020, allows users to create an augmented reality experience in any physical location. Since its inception, the platform has generated approximately $4.5 million in revenue from its paying customers spread across 17 cities.

Doubleme had previously raised $1 million in seed funding before the latest funding round. Furthermore, the startup had received a $16 million grant from the governments of South Korea and the United Kingdom. For quite some time, Samsung has been doubling down on metaverse and NFT concepts.

Samsung partnered with Nifty Gateway at the end of March to integrate NFT technology into the company’s lineup of smart television products. Samsung launched a virtual version of the company’s electronics store in the Decentraland metaverse world during the first week of January.