Two start-ups in the red-hot NFT market raised a combined $930 million this week, highlighting continued appetite from investors for cryptocurrency companies as the industry experiences massive growth.
Dapper Labs, which makes virtual basketball trading cards, said Wednesday it has raised $250 million in a funding round led by Coatue. Bond, the investment firm run by former Wall Street analyst Mary Meeker, and Singaporean sovereign wealth fund GIC also backed the round.
The new round values the Vancouver, Canada-based firm at $7.6 billion, according to a person familiar with the matter who preferred to remain anonymous as the information is not public.
Sorare, a French fantasy soccer game that incorporates NFTs, also announced Tuesday that it bagged $680 million in a bumper cash injection led by SoftBank. Venture capital companies Atomico, Bessemer Ventures and IVP also invested, along with investment firms D1 Capital and Eurazeo.