NFT Marketplace OpenSea Valued at $13.3 Billion in a Series C funding
OpenSea which is a leading NFT marketplace
and blockchain start-ups in Silicon Valley announced on Tuesday night that it
has raised $300 million in a Series C funding round led by venture capital
firms Paradigm and Coatue Management. Investors now valued the company at $13.3
billion just four years after it was founded.
OpenSea co-founder and CEO Devin Finzer in a blog post highlighted that the money will be used for product development and recruiting more staff. Helping to develop the larger NFT and Web3 while improving customer support will also be their focus. Through an emailed statement, Finzer highlighted that this year, OpenSea will reduce the barriers for entry to the NFT space on OpenSea and will focus more on investing in the ecosystem and the community that powers it. On Twitter, OpenSea said “Announcing Series C! We’re building the friendliest & most trusted NFT marketplace with the best selection across many chains. The funding helps us accelerate product development, improve trust & safety, and invest deeply in the web3 community & ecosystem”.
During the announcement about raising funds, Finzer also revealed about hiring OpenSea’s new VP of Product Shiva Rajaraman who was the former Facebook executive. Former, head of product Nate Chastain, left the company as he found using inside information to buy NFTs before they appeared on the marketplace and sold them at a profit.
OpenSea which was founded in 2017, was created as a marketplace to trade on nonfungible tokens that are backed by blockchain technology. Famous Ethereum-based NFT collections in the space, including Bored Ape Yacht Club and CryptoPunks are being hosted in OpenSea.
Earlier fundraising event:
In July 2020, as per company data, OpenSea was valued at $1.5 billion after it raised more than $100 million in Series B from investors like firm Andreessen Horowitz and the actor Ashton Kutcher. This news was first highlighted by The New York Times. In November, as per report, it was set for a $10 billion valuation from its Series C.
CBW - External Analyst