Dapper Labs have raised over eleven million dollars ($11.2) in latest funding series. The investors included the Digital Currency Group, Andreessen Horowitz, and Warner Music Group. The funds will be utilized in building Dapper Labs new blockchain platform known as Flow. Up till now, the project has raised almost forty million dollars ($39.2M) through financing series.
All of these investors will be receiving equity stakes in Dapper Labs until Flow is approved. Things may change once Flow is approved by the US Securities and Exchange Commission (SEC). After SEC approval, these investors will have the option of exchanging their stakes for Flow’s native tokens.
According to the management team, Flow is being created as a developer-friendly blockchain. It will support the next generation of games, other apps, and digital assets. The flow will allow millions of people to collaborate through the blockchain. It will enable sports fans to “trade verified, authentic and limited edition digital memorabilia in real-time” across the globe.
Dapper Labs: Current projects
Dapper Labs has also been focusing on exploring other use cases for the Flow blockchain through various collaborations. Flow has collaborated with Warner Music and game developing company Ubisoft.
Warner Music houses high-profile music artists such as Bruno Mars and Cardi B. Jeff Bronikowski, the senior vice president of business development, spoke on the subject. He said that the company is looking for unique tradeable merchandise featuring its artists. He believed that blockchain technology could give fandoms a unique way to express themselves.
Dapper Labs is the company behind CryptoKitties’ development. The company is currently developing a car racing game through its partnership with Ubisoft. The game will feature various unique vehicles that can be traded among players.