Genies raises $150M in Silver Lake-led series C funding

Silver Lake Management LLC led a $150 million series C funding round for Genies Inc., bringing the technology company's valuation to $1 billion.

The round saw participation from existing backers Bond Capital Management LP, New Enterprise Associates Inc. and Tamarack Global.

Genies develops digital identities called avatars and operates a web community where users can create their own avatars. It will use the capital to roll out creator tools for users, continue hiring across engineering and invest in the core technology of its avatar universe.