Temasek, Alibaba co-lead Chinese metaverse platform Yahaha's $40m funding

Temasek, Alibaba co-lead Chinese metaverse platform Yahaha's $40m funding

Yahaha, a user-generated metaverse gaming platform, has secured $40 million in a Series A+ funding round co-led by Singapore’s Temasek and Chinese internet giant Alibaba, the company announced on Wednesday. 

Yahaha’s platform allows gamers and developers to build their own games and publish them on the platform. The investments will be used to further grow the company’s product, community, headcount and ecosystem, the statement said. 

Dual-headquartered in Shanghai and Finland, the company was founded in 2020 and has over 150 employees with offices in Helsinki, Seoul, and Shanghai.

Since launching an early-stage development version of its platform in April this year, Yahaha gained about 100,000 content creators on PC and macOS.

In January this year, the company announced it had raised $50 million in a Series A round from Shanghai-based venture capital firm 5Y Capital, global private equity firm HillHouse, and New York City-based technology investment manager Coatue.

“This round of funding signifies the next step we are taking with Yahaha — opening up more creator experiences and monetisation modules.” said chief executive officer Chris Zhu. 

The company was co-founded by Chris Zhu, Hao Min and Pengfei Zhang, who were engineers at cross-platform game engine Unity.

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