A crypto startup NFTPort has raised $26 million in a Series A funding round. To helps developers quickly launch NFT applications the core product needs to be scaled up for which the fresh fund will be used.
The round was co-led by the investment
vehicle of Taavet Hinrikus, Taavet+Sten, who was the co-founder of digital payment firm Wise. Sten Tamkivi co-founder of city comparison tool Teleport and Atomico, a European venture capital firm also took part in the round. Filecoin creator Protocol Labs, IDEO CoLab Ventures, Polygon co-founder Jaynti Kanani and Polkadot co-founder Jutta Steiner, Checkout.com CTO Ott Kaukver and former Coinbase CTO Balaji Srinivasan, who co-founded Teleport with Tamkivi were among other investors in the round
As a part of the deal, Tamkivi also joined NFTPort as a co-founder along with former CTO of Estonian mobility company Bolt, Rain Johanson, who joined NFTPort as a co-founder and CTO. NFTPort's existing co-founders are Johannes Tammekand and Kaspar Peterson with whom Tamkivi and Johanson joined.
NFTPort plans to use this fresh capital in to provide support and expand more blockchains, scaling its infrastructure, add new functionality and scale up the team. According to Tammekand the firm in future has plans to build a decentralized NFT infrastructure protocol. Currently NFTPort has 18 people in its team and is focusing to expand to more than 50 people in the next 12 months. The firm will hire across engineering, product and marketing functions.
NFTPort's first fundraise is Series A round which was an equity round and was closed in March said Tammekand.
About NFTPort :
NFTPort is based in Estonia. It supports developers to build NFT-based applications quickly through its infrastructure. For data, minting and counterfeit detection NFTPort infrastructure includes application programming interfaces (APIs). It provides three key products which includes data APIs, minting APIs and user safety APIs. Data APIs allow developers to access NFT data from the Ethereum, Polygon and Solana blockchains in a day. Developers can deploy and manage NFT smart contracts without writing any code using Minting API. And user safety APIs act as a "counterfeit detection engine". It helps to cross-check if a given NFT has been previously minted on any of NFTPort's supported chains, thus increasing user safety.
Tammekand said "Our infrastructure enables developers and companies to bring to market their NFT applications in hours or days, instead of months and thus save hundreds of thousands of dollars,"
As per NFTPort, its infrastructure is used by over 30,000 developer teams which also includes Nifty Gateway, the Gemini-owned NFT marketplace, and Protocol Labs.
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