NFT venture studio and investment firm, Metaversal, announced that it has raised $50 million in a Series A funding round. The round was co-led by crypto-focused investment firm CoinFund and investment partnership Foxhaven Asset Management.
As expected, the oversubscribed round included a number of other participants, including the likes of Collab+Currency, Dapper Labs, Rarible, Digital Currency Group (DCG), Franklin Templeton, Galaxy Vision Hill, NGC Ventures, and Narwhal Ventures.
The funds will primarily be used to support projects which are helping build an open metaverse. They will also be used to facilitate forming partnerships with illustrious industry names such as Dapper Labs’ Flow blockchain and NFT marketplace Rarible, as well as to bolster their own NFT portfolio which currently sits at over 750 assets.
Metaversal CEO Yossi Hasson expressed the company’s excitement about the successful funding round: “We are thrilled to welcome some of the foremost blockchain and technology investors into our mission to invest in the infinite stories of our culture.”
The idea to create Metaversal was revealed by CoinFund last year. The firm is based on a strategy which involves letting investors bet on the NFT market and help develop NFT-focused firms. A notable recent investment of the firm is its investment in ConstitutionDAO, a decentralised autonomous organisation which raised $45 million worth of cryptocurrency in an attempt to purchase an original copy of the United States Constitution. Metaversal stand proud at being the first institutional investor in the DAO, despite its purchase effort falling short at auction.
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