OpenSea Hits $13.3B Valuation Following Series C Raise

OpenSea Hits $13.3B Valuation Following Series C Raise


Key Takeaways

OpenSea has closed its Series C funding round, raising $300 million from several new and existing investors. The latest raise values the company at $13.3 billion. OpenSea will use the funds to accelerate product development, launch a grant program, and hire new staff.

Share this article

OpenSea has secured another $300 million in its Series C funding round, giving the company a $13.3 billion post-money valuation. 

OpenSea Valued at $13.3B 

OpenSea is kicking off 2022 with another mammoth raise. 

The leading NFT marketplace announced the end of its Series C funding round Monday, raising $300 million at a $13.3 billion valuation. Venture capital firms Paradigm and Coatue led the round, with several new and existing investors also participating. 

The latest raise follows two fundiung rounds it conducted in 2021 amid NFT technology’s first mainstream boom. In March, it completed a Series A round that saw participation from angel investors like Mark Cuban and Tim Ferris. Following that, in July, it closed a $100 million Series B funding round led by Andreessen Horowitz that valued the firm at $1.5 billion.

In a blog post announcing the raise, OpenSea outlined four key goals it is aiming to achieve with its latest cash injection, stating: 

“We have four goals for this funding: 1) accelerate product development, 2) significantly improve customer support and customer safety, 3) meaningfully invest in the wider NFT and Web3 community, and 4) grow our team.”

To boost OpenSea’s product development, the company has hired a new VP of Product to help fill the gap left by Nate Chastain, its previous Head of Product. Chastain memorably left the company in September after he was caught insider trading NFTs listed on OpenSea. Shiva Rajaraman will now lead OpenSea’s product development, joining the company from Meta, where he was the VP of Commerce.

Also noted is OpenSea’s commitment to investing in the NFT community. The firm has stated that funds from its latest raise will go toward launching a grant program, directly supporting the “developers, builders, and creators shaping the future of the NFT space.”

OpenSea’s relationship with NTF creators took a hit in December when the company’s new CFO Brian Roberts hinted at taking the firm public to raise more capital. Many in the NFT community had hoped OpenSea would partly decentralize through issuing a token via an airdrop to early adopters. However, talks of an Initial Public Offering have dashed hopes that OpenSea will reward users through an airdrop. 

In addition to product development and community investment, OpenSea will also use the new raise to keep its house in order by improving customer support and growing its talent pool. The company states it expects to double its customer support team of 60 people by the end of 2022. Additionally, OpenSea has posted job listings for new brand and music partnership managers, a community manager, as well as several more engineers and product designers. 

OpenSea had a landslide year in 2021 as NFTs went mainstream, taking over $14 billion in revenue over 12 months. With the latest raise, the firm will have its sights set on further expansion as the technology grows.

Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

OpenSea Saw a 646x Increase in Trading Volume in 2021

The NFT marketplace OpenSea has registered a colossal $14 billion in trading volume throughout 2021, far outpacing its 2020 performance of $21.7 million. OpenSea’s Breakout Year 2021 will go down…

What Is The Crypto Volatility Index?

The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.

OpenSea IPO Plans Met With Criticism From NFT Community

Former Lyft CFO Brian Roberts has joined OpenSea and plans to take the company public, but many members of the NFT community disapprove.  OpenSea Planning Initial Public Offering One of…

OpenSea Executive Resigns Over Insider Trading

OpenSea’s head of product, Nate Chastain, left the company today after he was found to have engaged in insider trading yesterday. Head of Product Leaves Company On Tuesday, head of…


Source link

Latest Crypto News

Popular Links

Notify of
Inline Feedbacks
View all comments