IMVU Closes $10 Million Round from Best Buy Capital

January 28th, 2009

By Christopher Mack

The social nature of teens has proven to be quite lucrative for IMVU, who provides virtual rooms for the teen demographic. Users are capable of designing their own rooms and avatars as well as socialize, download music, and create and sell virtual goods of their own design. And last week, the company stated that it has raised $10 million in a forth round of funding.

The round was led by Best Buy Capital, and existing investors including Menlo Ventures, Allegis Capital, and Bridgescale Partners also participated. With the investment, IMVU said that Kuk Yi of Best Buy Capital will become a member of the company’s board of directors.

IMVU’s number of registered users has increased by about 10 million (50%) since last June to 30 million. The company says it has 55 employees and is generating about $1 million in revenue every month.

IMVU CEO Cary Rosenzweig said that the company expects to continue growing throughout 2009 and should hit profitability soon.

[via VentureBeat]

To dig deeper into the social gaming market, check out our new report: Inside Virtual Goods: The Future of Social Gaming 2010.

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Filed in Business, Metrics, Sim, Social Games, User Generated, VirtualGoods

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2 Responses to “IMVU Closes $10 Million Round from Best Buy Capital”

This Week Inside Social Games for February 2, 2009 Says:
February 2nd, 2009 at 12:02 am
[...] IMVU Closes $10 Million Round from Best Buy Capital [...]
IMVU Partners with Offerpal Media Says:
June 9th, 2009 at 5:00 am
[...] five and a half months or so since receiving $10 million in funding in a round led by Best Buy Capital, IMVU has grown by nearly 20% from the 30 million registered users reported at the end of January. [...]