The latest NFT startup to receive financial backing is RECUR, a technology company that designs and develops branded experiences allowing fans to buy, collect, and re-sell NFTs.
The company announced the closing of its Series A funding round, raising a total of $50 million at a $333 million post-money valuation. This makes it the largest Series A in the NFT space. The round was led by investment platform DIGITAL, which is backed by billionaire Steve Cohen’s family office. In addition to DIGITAL, other previous investors include Gemini/the Winklevoss Twins, Gary Vaynerchuk, Scott Belsky, Hashed, Nascent, Delphi Ventures, Defi Alliance, and many more.
Founded by former DRW trader Zach Bruch and licensing expert Trevor George, RECUR is currently scaling out the company’s go-to-market team with over 150 open roles, including key investments in recruiting, marketing, customer success, design and engineering.
“At RECUR, we are building a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases,” said co-founders, Zach Bruch and Trevor George in a press release.
RECUR aims to change the NFT market by creating and setting the standard for a decentralized recurring royalty, creating the widest distribution and reach for NFTs minted on their platform. Furthermore, the team consider NFTs to be a foundational layer of the long-awaited metaverse, so there will be massive innovation around the use of NFTs in this field.
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