TL;DR Breakdown
- Top NFT market OpenSea makes $300m in Series C funding round.
- Months back OpenSea was only valued at $1.5bn.
- NFT market reveals what it would use $300m funding for.
Top Non-Fungible Token market, OpenSea has further cemented its place as a unicorn after announcing it received $300 million in its Series C funding round led by Coatue and Paradigm.
The funding has brought OpenSeas’s valuation to rise to $13.3 billion. With the recent funding, the NFT market said it would use the money for four things which are: accelerate product development, improve customer support, invest in the wider NFT and Web3 community, and grow its team.
How OpenSea hit $13bn valuation
Months back, OpenSea was valued at $1.5 billion, leading American venture capital firm – Andreessen Horowitz to lead a $100 million funding round, adding to its value today. Hedge fund sponsors such as Paradigm and Coatue led the current investment. OpenSea described them as “incredible partners, thinkers, and builders” that have the ability to bring “best in class consumer experiences.”
In a recent blogpost, Devin Finzer – Co-Founder of OpenSea – said his company’s mission is to become the “world’s friendliest and most trusted NFT marketplace with the best selection.
To complete that vision, the entity raised $300 million in Series C funding to be invested in helping achieve the goal.
First, the company intends to accelerate product development. As such, it has already hired Shiva Rajaraman as the firm’s new VP of Product. The exec has previously worked at Meta, YouTube, and Spotify.
Second, the NFT market vowed to improve its clients’ support policy. “We’ve already scaled our customer support and trust and safety teams to more than 60 people and expect to more than double that team by the end of this year,” Finzer informed.
Third, the company wants to invest in the broader NFT ecosystem. It added that in Q1 2022, it plans to launch a grant program that would enable direct support for developers, builders, and creators, shaping the future of the non-fungible token space.
The NFT market has said it will also welcome onboard motivated individuals who want to become part of the growing NFT universe.
