Code Moment | Metaverse UGC Platform "BUD" Closes $36.8 Million Series B Round, Existing Shareholder Source Code Capital Follows On

源码资本·May 23, 2022·0·2

A New Generation of 3D UGC Social Platforms

#MaKe Key Updates from Source Code Capital and MaHui Members

Metaverse UGC platform BUD recently completed a $36.8 million Series B round led by Sequoia Capital, with participation from ClearVue Partners, NetEase, and Northern Light Venture Capital. Existing investors Source Code Capital, GGV Capital, and Qiming Venture Partners also joined the round. BUD said the funds will primarily go toward continuous iteration of its editor and deeper international market expansion.

BUD was co-founded in 2019 by former Snap engineers Risa and Shawn, with headquarters in Singapore. As a leading global metaverse UGC platform, BUD stands out for enabling ordinary users from diverse cultural and educational backgrounds to easily create personalized 3D interactive content using its simple, no-code tools.

"BUD's platform now hosts over 15 million original UGC 3D works, with more than 150 million 3D asset transactions," said Risa, co-founder and CEO of BUD. "Since our global launch in November 2021, BUD has ranked in the top 10 social apps across 38 countries in North America, South America, and Southeast Asia."

For any internet platform-level application, becoming the focus of young people worldwide is the ultimate long-term goal. BUD continuously integrates cutting-edge web technologies with international trends and artistic movements, meeting the entertainment, creation, and sharing needs of Gen Z and Gen Alpha — and is becoming the new social platform of choice for these generations.

"The next era of media won't be limited to traditional formats like text, images, or video, but will evolve toward more immersive and interactive experiences," Risa continued. "BUD is a 3D UGC platform where users are creators. It's not a solo performance for hardcore gamers or professionals, but a grand stage for everyone to showcase their unique personalities and ideas."

Cloud-native, no-code 3D creation tools not only lower the barrier to entry but also give users unlimited creative freedom. Users need no professional programming or modeling knowledge to build complete, polished 3D interactive scenes from scratch using BUD's built-in geometric modules and interactive props. They can also add text, images, music, and even video to their scenes. Lighting and environmental backgrounds can be customized as well, enabling users to craft even more immersive virtual worlds.

Co-founder Shawn said: "BUD democratizes 3D content creation, allowing younger generations to participate meaningfully. Going forward, we'll continue exploring the unlimited commercial possibilities of 3D media, building a healthy creator ecosystem through monetization opportunities and other forms."**

Xingchen Zhang of Source Code Capital commented: "The continued evolution of new technologies is driving innovation in how users engage in 3D social experiences. For digital natives, the ways they connect, express themselves, interact, and transfer value are constantly changing. BUD — with its stronger user-driven creativity, richer multimodal interaction formats, and more real-time immersive experiences — is exactly what we and users are looking for. The BUD team has consistently been bold in experimentation and challenge, innovating with a global perspective and mindset. As we see new forms of global user demand being continuously activated and the underlying infrastructure ecosystem steadily improving, we look forward to the arrival of a new era of 3D social."

Globally, since the second half of 2020, major social and content platforms have begun using substantial cash incentives to attract and encourage creators. TikTok's creator fund reached $1 billion, Meta put up $1 billion to incentivize users, and YouTube and Snap have continued to expand their prize pools — turning more and more ordinary users into creators.

According to Adobe projections, the global creative software and creator economy market is expected to reach $63 billion by 2024, with user scale potentially hitting 2 billion. Whether in economically developed North America or developing regions like South Asia and Africa, large numbers of Gen Z and millennials are eager to participate, aspiring to become content creators.

Since launch, the polished interactive scenes created on BUD and shared across social platforms have amazed many viewers. The sophisticated production quality often leads people to assume they were made by professionals using desktop graphics software — but in fact, they were created by ordinary users on mobile devices using the BUD app. These everyday users form the foundation for how digital assets spread and operate.

BUD's users are young digital natives brimming with creativity. For this generation that loves sharing and self-expression, there's no need to learn or understand complex programming — they can build personalized spaces in BUD right away. As a next-generation 3D UGC social platform, BUD hopes to help users unleash their imagination and realize their creative visions through continuous technical iteration and product refinement.**