January 28, 2023

The emergence of the metaverse has come with unprecedented growth in the number of startups that offer unique virtual products and services to meet the growing demand of users.

With the rise in the number of Metaverse-related businesses comes an increase in demand for funding to help accelerate promising unicorns springing up in response to the growth of the virtual space.

Samsung Electronics is currently involved in a $25 million Series A funding round, collaborating with another Korean Metaverse startup, Doubleme.

Samsung is one of the leading electronics and smartphone manufacturers globally and has been increasingly involved with numerous metaverse projects as part of its drive to expand into the virtual ecosystem.

The Marketing Effort is the Focus of the Funding Round

The latest collaboration between Samsung and the Korean-based metaverse hopeful, Doubleme, is part of the ongoing push to ensure expansion into the metaverse is achieved through concerted collaboration and efforts between established traditional companies and startups.

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Country Investment, alongside NH Investment, was the facilitator of the $25 million funding phase between Samsung and Doubleme.

As reported by Techinasia, the startup was founded in 2015 by the duo of Albert Kim, Michael Kuczynski, and Heeyoung Kim, intending to utilize the raised funds for enhanced product development, hiring, and marketing.

The startup also plans to go ahead with the commercial launch of its Twin World metaverse project, compatible with Artificial Reality (AR) devices, before the end of the year.

Doubleme’s Twin World Platform

In November last year, Twin World was launched to allow users to create an AR experience in whatever physical location they choose. Following its launch, the platform has gained acceptance from users, generating a revenue of $4.5 million from its customers spread across 17 cities in South Korea.

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Additionally, before the latest funding phase, Double had also managed to raise $1 million in seed funding; the company also received a grant of $16 million from both the South Korean and the United Kingdom governments.

The latest funding round between the startup and Samsung continues the electronics giant’s push for more Metaverse and NFT project collaboration, which has been going on now.

Toward the end of last month, Samsung also partnered with Nifty Gateway to help integrate NFT technology into the company’s assembly of smart TV products to give users an immersive smart TV experience in the virtual world.

In the first week of January, the tech giant also launched a virtual electronic store in the metaverse space to take its drive into the metaverse a step further. Other top tech companies have since followed suit, as no one wants to be left behind in a rush for more market expansion. More projects are expected to spring up in anticipation of further entry into the metaverse.

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The metaverse ecosystem is the new planet where all traditional businesses would like to explore and dominate, as each passing day attracts more consumers to their space.

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