Mark Cuban, Paris Hilton, Pitbull Back Metaverse App Immi at $50M Valuation

Mark Cuban, singer Pitbull and Paris Hilton’s fund 11:11 Media have backed animation startup Immi in NFT push, giving it a valuation of about $50 million.
Image source: Immi

Quick take:

  • Mark Cuban, Paris Hilton and singer Pitbull have funded animation startup Immi in its metaverse and NFT push.
  • The undisclosed fundraising now values Immi at about $50 million.
  • Hilton on Monday posted a short video on Twitter promoting the app.

Leading Web3 investors Mark Cuban and Paris Hilton’s fund, 11:11 Media joined singer Pitbull in backing animation startup Immi’s funding round.

According to the report, Immi is now valued at about $50 million. The Non-fungible token (NFT) enthusiast Hilton on Monday posted a short video on Twitter promoting the launch of the app on the Apple App Store.

Celebrities have been betting heavily on Web3 startups focused on the metaverse and NFTs, and Immi is the latest to benefit from the shifting investor taste.

Immi creates animations that can be easily shared on social media platforms like Twitter, Facebook and Instagram. Hilton said she had turned her BAYC into an animated character, which seemed to mimic her actions.

“I can now animate and bring my BAYC to life with Immi,” she wrote, adding that she was able to do that with just her phone and the Immiverse, Immi’s metaverse app. 

Other investors participating in the seed round included Tony Robbins, Zoom founder Eric Yuan and musician Steve Aoki.

Immi is planning to launch its own characters as NFTs whilst also offering animation capabilities for existing NFTs.

The NFT and metaverse craze has drawn mixed reactions from investors with the younger generation of investors easily sold to the hype. 

On the other hand, some traditional investors remain sceptical, with some communities, especially in the gaming industry, expressing strong resistance to the concept, which they believe companies are using to take advantage of them.

Venture capital activity has, however, continued to balloon over the past 18 months with startups focused on NFTs and gaming raising approximately $2.1 billion since the beginning of 2022 alone. 

Immi is currently available to those with access to Apple’s App store after debuting on Wednesday.

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