IMVU co-founder Eric Ries described the accidental process by which the company acquired its meaningless name, and stated "It's not an acronym it doesn't stand for anything", though he did note the name was originally used because the IM aspect invoked instant messaging, something the company wanted to be associated with. The company name was neither an acronym nor an initialism. It was known as one of the leading practitioners of the lean startup approach. The business was previously located in Mountain View, California. In 2014, IMVU had approximately six million active players, and had the largest virtual goods catalog of more than 6 million items as of 2011. IMVU members use 3D avatars to meet new people, chat, create, and play games.
IMVU was founded in 2004 and was originally backed by venture investors Menlo Ventures, AllegisCyber Capital, Bridgescale Partners, and Best Buy Capital. But Tsui said his company will target users who are older than the average Roblox user.IMVU ( / ˈ ɪ m v j uː/, stylized as imvu) is an online virtual world and social networking site. That sounds a lot more like Roblox, the kids’ virtual world with 150 million monthly active users. Together Labs marketing director Lindsay Anne Aamodt said in an interview, “It’s more about solving problems together.” You could also draw together or watch YouTube together.” You can collaborate with other people and communicate with each other. “Rather than a battle royale, our activities might be more like an escape room. “Our games will be a lot more social by nature,” Tsui said. People can use scripting logic and a 3D engine to create their games. Tsui said WithMe users will be able to create simple games, such as trivia contests, and share them with friends. IMVU and WithMe will have separate product teams. Many users focus on music, fashion, and other interests, and they can sell clothing and other items they create. With IMVU, users interact socially through avatars they create and can meet and chat in rooms they design. Structural Capital managing partner Kai Tse said in a statement that the fund is impressed with IMVU’s growing business and new initiatives that position it at the intersection of social media and gaming. Together Labs will focus on creating products that redefine social media as a catalyst for authentic human connections. “There’s going to be a vibrant ecosystem with service providers and creators who can transact peer-to-peer and be able to get paid. “Our mission is to empower friendship, allow our users to connect in a very authentic way,” Tsui said. IMVU will also hold a session called “Making Friends in the Metaverse” at our metaverse event. The WithMe division will focus on strengthening friendships through shared experiences in virtual spaces, including user-generated games, Tsui said. “We had record-breaking traffic in 2020,” Tsui said.Īll of this - as well as the strong growth of social media and games during the pandemic - helped Together Labs raise money from investors like NetEase, one of China’s big online game service providers. More than 50 million products are available in the market today, with the catalog growing by 400,000 items a month. VCoin is an important development for IMVU, which has 7 million monthly active users who exchange 14 billion Credits a month and engage in 27.5 million monthly unique transactions. Together Labs could partner with other companies that might also use VCoin, which has received SEC approval. IMVU will be talking about this development at our GamesBeat Summit: Into the Metaverse event on January 27 and 28. The Redwood City, California-based company wants VCoin to power the virtual economy in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One.
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