Metaverse Platform Yahaha Bags $40M in Round-A+ Financing Led by Temasek and Alibaba
Virtual user-generated content metaverse platform Yahaha announced on November 15 that it has completed round-A+ financing totaling $40 million, jointly led by Temasek and Alibaba and followed by 37 Interactive Entertainment. TH Capital served as the exclusive financial adviser.
Yahaha was established in 2020 with dual headquarters in Shanghai and Helsinki, Finland. The core founding team is composed of senior former employees of Unity, a game engine developer. Yahaha’s 3D content creation tool helps users create their own games, worlds and social spaces. With no-code entry levels and thousands of pieces of art available to use, the firm’s interactive studio supports creators with all levels of experience, making it easier than ever to unleash creativity and build games.
Since its establishment two years ago, Yahaha has accumulated nearly $100 million in financing from Xiaomi, GL Ventures, Bilibili and 5Y Capital. The firm released the alpha test version of its product in April 2022. Overseas users have been able to download them and interact with each other across terminals. As of October, Yahaha’s product had attracted over 100,000 users.
While its products are further introduced to the global market, Yahaha’s team has expanded to nearly 200 employees, with offices in Shanghai, Helsinki, Seoul and other places. The company will set up further offices in North America and the Asia-Pacific, where it will recruit local teams.
Yahaha will use the fresh funds to fully iterate its products and provide creators with more advanced tools and new functions by combining AI and cloud processing capabilities. In addition, functional modules to help creators make a profit will soon be introduced. Yahaha also plans to expand the professional codeless developer community through accelerators, global community activities, Game Jams and creator workshops.
Yahaha says it will announce new strategic cooperation with industry partners and studios in the near future. At present, the core players of 3D content assets that have reached cooperation with Yahaha include Unity, Synty Studios, CGTrader and Dabeeo.
With the listing of Unity and Roblox, an online creative game platform, the content supply capacity of the game industry has been discovered by more entrepreneurs and investment institutions, and followers of the mutual entertainment technology industry have rushed into this track.
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“Roblox’s products and concepts are excellent. Its engine architecture and content are deeply loved by European and American children, but the goal of our team is not to reproduce Roblox,” said Chris Zhu, the founder and CEO of Yahaha. “Yahaha’s goal is not in China or the children’s market. We hope to serve global game users and players and break through the barrier among them. Yahaha’s vision is not limited to leading the next generation of content entertainment. The greater significance is that we can help creators create their own high-quality content through an integrated virtual world platform.”