OpenSea, the world's largest non-fungible token (NFT) marketplace, has seen its value nearly ninefold in six months as it raised $300 million to support four of its growth objectives.
According to a media report, the firm was valued at $13.3 billion in a Series CE funding round led by Paradigm and Coatue among other new and existing investors. The platform, which was established in 2017, raised $100 million in July 2021 at a valuation of $1.5 billion in a Series B round leaded by Andreessen Horowitz.
OpenSea announced four objectives for its latest funding round:
- Speed up product development
- Enhance customer support and safety
- Invest in the NFT and Web 3.0 ecosystem at large.
- Grow the team.
According to Devin Finzer, Co-founder and CEO of OpenSea, the marketplace's aims are to reduce the barriers to entry for NFTs with new functions and to speed multi-chain support. Their support teams are expected to nearly double during this time, reaching a total of 120 by the end of 2019.
He also stated that, this quarter, OpenSea is also initiating an unspecified grant program to support the development, building and creation of NFTs.
They also announced the appointment of Shiva Rajaraman as their new Vice President (VP) of Product. Shiva came from Meta, where he served as the VP of Commerce.