During a volatile moment for the crypto industry, Dapper Labs announced $250 million in new investments and a $750 million ecosystem fund to grow its Flow blockchain.
Amid an ongoing crypto market crash, prolific crypto technology company Dapper Labs announced another $250 million in fundraising this week.
Coatue led the investment for the parent company of the NBA Top Shot NFT platform and the Flow blockchain. Existing investors Andreessen Horowitz, GV, and Version One Ventures participated in the round with new investors, including BOND and GIC.
The company said in a news release that it plans to use the fresh capital to continue growing and supporting sports brands and to develop entertainment and music products on the Flow blockchain. Per a report from TechCrunch, this investment takes Dapper Labs’ valuation to an estimated $7.6 billion.
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“Dapper Labs is growing quickly, but we’re just scratching the surface of what this new technology can do for people,” said Roham Gharegozlou, Dapper Labs CEO, in an official release. “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.”
Dapper Labs’ latest investment comes after the company experienced explosive growth in 2021, growing its NBA Top Shot audience 30 times over to 1.1 million registered accounts. The company reports that it has managed over 13 million transactions on NBA Top Shot, including $780 million in collectible sales.
The Flow Blockchain has also been on the rise, supporting ever-expanding digital experiences across the UFC, Genies, Animoca Brands, LaLiga, the NFL, and more. Last fall, Flow also landed a partnership with Google to become the blockchain’s official cloud provider — and this week, Dapper announced an all-new “ecosystem fund” bolstered by three-quarters of a billion dollars to help Flow reach new heights.
“Blockchain and crypto are foundational underpinnings for the next wave of technology evolution,” said Mary Meeker, General Partner of BOND, in a statement. “With NBA Top Shot and a compelling pipeline of products to come, Dapper Labs is leading the way with the innovative Flow platform. We are excited to be a part of this journey – and its next iterations – with Roham and team.”
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