Former Disney chairman and CEO Bob Iger is putting his name and money behind a new company that's aiming to dominate the future of the internet and the metaverse.
On Monday, 3D avatar start-up Genies announced that Iger is joining its board of directors and investing an undisclosed sum in the Los Angeles-based company. Founded in 2017, Genies' mobile app allows users to create their own custom digital avatars – three-dimensional cartoon versions of themselves – for their social media profiles and, eventually, to travel the metaverse.
In a press release, the 5-year-old start-up says it will count on Iger's help to grow the company, as it looks to build "avatar ecosystems" where users create everything from digital fashion lines for avatars to the online worlds in which those avatars can interact.
Genies co-founder and CEO Akash Nigam, 29, touted Iger's involvement in a statement, saying he "can't think of a better creative and product thinker than Bob to collaborate with."
Iger spent 15 years as Disney's CEO, starting in 2005. During that time, he oversaw the company's heavy investments in tech, paying more than $7 billion to acquire Pixar in 2007 and emphasizing the development of streaming and augmented reality technologies throughout the company.
"I've always been drawn to the intersection between technology and art, and Genies provides unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication," Iger said in a statement, announcing his role at Genies.
Iger stepped down as Disney's CEO in 2020, succeeded by Bob Chapek. Iger also left Disney's board at the end of 2021.
