IMVU raises $10 million for its virtual rooms business
IMVU, an operator of virtual rooms for teens and young adults, said today it has raised $10 million in a fourth round of funding.
The round was led by Best Buy Capital and existing investors Menlo Ventures, Allegis Capital, and Bridgescale Partners also participated. The Palo Alto, Calif.-based company also said that its base of users has grown to 30 million registered users.
Members create their own virtual characters, or avatars, and design their own rooms. They can then chat with friends, download and listen to music, and also create their own digital goods that they can sell to other members.
The company was founded in 2004 and there are more than 2 million items for sale in the company’s digital goods catalog. IMVU announced that Best Buy Capital’s Kuk Yi will become a member of IMVU’s board of directors. The company says it has 100,000 registered developers and it generates more than $1 million in revenue each month. It competes with rivals such as Habbo and Gaia Online.
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