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Dapper Labs Secures $250 Million Funding, Hits $7.5 Billion Valuation

Dapper Labs Secures $250 Million Funding, Hits $7.5 Billion Valuation

Dapper Labs, the NFT development studio behind popular NFT series such as Crypto Kitties and NBA Top Shot, as well as the next-generation Flow blockchain, has announced that it has closed a new Series D funding round for $250 million.

The latest funding round brings Dapper Labs’ current estimated valuation to $7.5 billion, a roughly $5 billion jump from its previous record. This round was led by Coatue, a global investment manager focused on public and private companies in the technology, media and telecommunications industries. Coatue was also responsible for leading the studio’s Series C funding round earlier in March, which secured $305 million.

“We think Dapper Labs is a leader in the space at the infrastructure level with the Flow blockchain and at the application layer with NBA Top Shot. We continue to be impressed by Roham’s [Gharegozlou, CEO] strong leadership and vision and we could not be more proud to partner with him and the entire team at Dapper,” Coatue Ventures Chairman Dan Rose shared.

Dapper Labs’ funding round also saw the participation of Andreessen Horowitz (a16z), GV (formerly known as Google Ventures), and Version One Ventures. New investors such as San Francisco-based investment firm BOND headed by Mary Meeker, and GIC (Government of Singapore Investment Corporation) were also among the participating investors.

“Dapper Labs will use the new funding to continue to scale and support major additional brand-driven sports, entertainment and music based products coming online and being developed on the Flow blockchain,” the NFT firm shared in a statement.

Alongside the new funding round, Dapper Labs has also announce that it will be partnering with LaLiga, the top-tier soccer league in Spain, which also ranks among the most popular leagues in the world. This partnership with LaLiga will bring forth new digital collectibles in the form of NFTs (non-fungible tokens) made specifically for the league’s global fanbase.

“The partnership between LaLiga and Dapper Labs will bring us the closest we’ve ever been to our fans worldwide through a new and growing medium, and alongside the industry partner that created and jump-started the entire NFT movement. This experience will have soccer fans all over the world at the center, giving them a platform and product to enjoy and express their passion for LaLiga in a unique way.” LaLiga President Javier Tebas shared.

Dapper Labs is set to create NFTs for popular soccer teams such as Real Madrid, Barcelona, Atlético Madrid, Sevilla, Villarreal, Valencia, and more, with moments and highlights from the last 10 seasons of the league to be commemorated in specially designed NFTs.

“Dapper Labs is growing quickly but we’re just scratching the surface of what this new technology can do for people. We’re excited to partner with our incredible investors to scale NBA Top Shot and launch our upcoming titles as well as unlock the potential of the open ecosystem building on Flow.” shared Dapper Labs CEO Roham Gharegozlou.

In recent news, Dapper Labs partnered with Google Cloud to support Web3 development on the Flow blockchain. The firm’s exponential growth this year saw over $780 million in NFT transactions, with over 1.1 million accounts registered on its platform.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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