NFT start-up Dapper Labs raises $250m

The blockchain start-up behind NBA Top Shot raised $250m in venture capital funding.

A large pile of NFT golden tokens                                 
The NFT start-up behind the popular NBA Top Shot maker has raised $250m – Photo: Shutterstock
                                

The blockchain start-up behind the popular NBA Top Shot maker has raised $250m (£182.7m) in venture capital funding.

Dapper Labs, which is headquarted in Vancouver, was founded in 2018 by CEO Roham Gharegozlou and has quickly become one of the fastest growing blockchain-powered startups.

The round, led by New York-based investment fund Coatue, brings together current investors including a16z (Andreessen Horowitz), GV (formerly known as Google Ventures), Version One Ventures, and new investors BOND and GIC. Dapper Labs will use the funding to power greater NFT experiences and advance its blockchain-based platform across a range of entertainment and sports verticals.

Tripled valuation

Various reports cited anonymous sources with knowledge of the company in the spring saying that Dapper Labs was valued at $7.6bn, up from $2.6bn in March, indicating a tripling in value over the last six months.

Its rise to prominence came after its flagship NBA Top Shot grew by 30x in 2021. NBA Top Shot is a blockchain-based online marketplace that allows fans to buy, sell and trade digital highlights of NBA players and games.

Whilst still in open beta, the NBA Top Shot marketplace faciliated more than $780m in collectibles bought and sold, with more than 1.1 million registered accounts and over 13 million transactions, Dapper Labs confirmed in a press release.

“Dapper Labs is growing quickly but we’re just scratching the surface of what this new technology can do for people,” said CEO Roham Gharegozlou. 

“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,” Gharegozlou added.

Dan Rose, Chairman of Coatue Ventures, also spoke about the funding: “Coatue has been investing in technology trends for over 20 years and web 3.0 is one of the most exciting trends we’ve seen. We think Dapper Labs is a leader in the space at the infrastructure level and we continue to be impressed by Roham’s strong leadership and vision and could not be more proud to partner with him and the entire team at Dapper.”

In conjuction with the funding news, Dapper Labs also announced a deal with Spain’s football league LaLiga.

Further reading: NBA star Stephen Curry becomes FTX global ambassador

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image