On September 19, 2023, Geeiq, a London-based metaverse data intelligence firm, revealed that it had raised $8.2 million in a Series A funding round. The startup offers essential insights into the ROI of virtual worlds and digital products and is employed by prominent brands like Gucci, Ralph Lauren, L’Oréal, Tommy Hilfiger, and Karlie Kloss.
Geeiq and Its Funding Success
The newly acquired funds will facilitate the hiring of additional staff, geographical expansion (including in the US), and the establishment of exclusive relationships with top platforms. Geeiq currently has a team of around 30 employees. This successful funding round was led by Talis Capital, with participation from Active Investor, Ascension Ventures, and a number of notable angel investors. The significant financial support indicates the growing importance of metaverse data intelligence as businesses continue to capitalize on virtual opportunities and expand their digital presence.
Investment Firms Support Geeiq’s Expansion
YFM Equity Partners, a company specializing in business-to-business software startups, led the investment round. GFR Fund and FOV Ventures, backers of gaming and metaverse-based startups, also participated in the funding. This influx of capital will enable the company to accelerate its growth and expand its software offerings, catering to a wider range of businesses. Furthermore, the support from these investors will contribute to the development of innovative solutions within the gaming and metaverse sectors, bridging the gap between technology and emerging markets.
Brands Increasingly Shift Advertising Budgets to Gaming Platforms
With global gaming revenue projected to reach $312 billion by 2027 and advertising revenue expected to almost double to $100 billion by 2025, brands are progressively shifting advertising budgets toward gaming platforms. Geeiq’s offerings enable brands to better comprehend the gaming market and gain insights on data and ROI for their marketing efforts. As a result, companies can make more informed decisions on how to allocate their resources and create targeted, impactful campaigns that resonate with the gaming audience. By utilizing Geeiq’s tools, brands have the opportunity to maximize their advertising investment and capitalize on this rapidly growing market.
Geeiq’s Growth and Evolution Since 2018
Geeiq was established in 2018 as a subscription-based platform that provided data on games from publicly accessible information sources. Since its inception, Geeiq has grown tremendously, offering valuable insights and analytics to game developers, publishers, and marketers alike. This platform has become instrumental in assisting industry professionals in understanding user engagement, developing targeted strategies, and ultimately fueling the growth of the gaming industry.
Transition to Metaverse Intelligence Provider
The company has since evolved into a metaverse intelligence provider, supplying higher-tier memberships to brands. Premium services incorporate consultancy, introductions to developers and creators, and personalized data insights on digital goods sales and marketing strategies for platforms like Roblox, Zepeto, Decentraland, and Fortnite. This transition has enabled the company to effectively cater to the growing demand for immersive virtual experiences and in-depth market analysis in the metaverse. As a result, brands can now leverage these services to better understand user engagement, foster new partnerships, and ultimately, expand their reach across innovative gaming ecosystems and virtual landscapes.
Geeiq’s Major Clientele
By delivering data-driven insights to brands, Geeiq has distinguished itself and has already teamed up with multiple major partners for high-profile projects. Utilizing cutting-edge technology and extensive research, Geeiq helps its partners make informed decisions, ultimately leading to better marketing strategies and business growth. The company’s impressive clientele is a testament to its success in providing valuable, actionable information to businesses in an increasingly competitive landscape.
Gucci’s Approach in the Metaverse
In 2020, Gucci set a new standard for luxury fashion in the metaverse with the innovative Gucci Garden pop-up event in Roblox. The virtual event not only showcased the brand’s exclusive fashion items, but also offered an immersive, interactive experience for users attending the digital space. This bold and creative strategy allowed Gucci to seamlessly blend the realms of fashion and gaming, opening up a potential new avenue for the future direction of high-end brands in an ever-growing digital world.
Tommy Hilfiger’s Groundbreaking Fashion Presentation
Additionally, Tommy Hilfiger’s unforgettable New York Fashion Week presentation in 2022 merged a live fashion event with a simultaneous Roblox broadcast. This innovative approach highlighted the brand’s commitment to engaging with a younger, tech-savvy audience while still maintaining its significant role within the high-fashion industry. By combining the traditional runway show with a virtual, interactive experience, Tommy Hilfiger also demonstrated a forward-thinking approach to fashion presentations and bridged the gap between the physical and digital worlds.
Frequently Asked Questions
What is Geeiq?
Geeiq is a London-based metaverse data intelligence firm that offers essential insights into the ROI of virtual worlds and digital products. It is employed by prominent brands like Gucci, Ralph Lauren, L’Oréal, Tommy Hilfiger, and Karlie Kloss to help them make more informed decisions on their marketing efforts within the gaming industry and metaverse.
How much did Geeiq raise in their Series A funding round?
Geeiq raised $8.2 million in their Series A funding round, which will be used for hiring additional staff, geographical expansion, and establishing exclusive relationships with top platforms.
Who led Geeiq’s Series A funding round?
Talis Capital led Geeiq’s successful funding round, with participation from Active Investor, Ascension Ventures, and several notable angel investors.
What is the significance of the investment firms supporting Geeiq?
The support from investment firms such as YFM Equity Partners, GFR Fund, and FOV Ventures indicates the growing importance of metaverse data intelligence as businesses continue to capitalize on virtual opportunities and expand their digital presence.
Why are brands shifting advertising budgets to gaming platforms?
Brands are shifting advertising budgets toward gaming platforms because global gaming revenue is projected to reach $312 billion by 2027 and advertising revenue is expected to almost double to $100 billion by 2025. Geeiq’s offerings enable these brands to make more informed decisions on marketing efforts and create targeted campaigns that resonate with the gaming audience.
How has Geeiq evolved since its inception?
Geeiq has evolved from a subscription-based platform that provided data on games from publicly accessible information sources to a metaverse intelligence provider, supplying higher-tier memberships to brands. Premium services include consultancy, introductions to developers and creators, and personalized data insights on digital goods sales and marketing strategies for platforms like Roblox, Zepeto, Decentraland, and Fortnite.
What are some examples of renowned brands utilizing Geeiq’s services?
Gucci’s innovative Gucci Garden pop-up event in Roblox and Tommy Hilfiger’s groundbreaking New York Fashion Week presentation that merged a live fashion event with a simultaneous Roblox broadcast are examples of renowned brands that have utilized Geeiq’s services for high-profile projects.
First Reported on: voguebusiness.com
Featured Image Credit: Photo by Nataliya Vaitkevich; Pexels; Thank you!