Bored Ape Yacht Club Creator Snags $450M in Funding for $4B Valuation
Yuga Labs, the creator behind blue-chip NFT collection BAYC, notched a $4 billion post-money valuation on its latest raise
Bored Ape Yacht Club | Source: NTFS.WTF
key takeaways
- Venture capital firm Andreesen Horowitz (a16z) led the round
- Yuga Labs recently acquired the intellectual property rights to NFT collections CryptoPunks and Meebits from Larva Labs
Yuga Labs has secured a virtually unprecedented $450 million in seed funding, bringing the startup to a post-money valuation of $4 billion.
Best known as the creator of popular NFT collection Bored Ape Yacht Club, Yuga Labs will use the capital for staff expansion and future partnerships, according to a Tuesday announcement.
The raise was led by venture capital firm Andreesen Horowitz (a16z). Other participants included blockchain-based game studio Animoca Brands, The Sandbox, LionTree, Sound Ventures, FTX and MoonPay.
“This capital will give Yuga speed to market on many things underway, and bring in new partners with strategic thinking that share the vision,” Guy Oseary, partner at Yuga Labs, said in a statement.
The move follows Yuga Labs’ recent acquisition of commercial rights to NFT (non-fungible token) collections CryptoPunks and Meebits from Larva Labs. The consolidation gives Yuga Labs the intellectual property rights of some of the three most profitable cryptoassets in the industry.
“Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community,” Nicole Muniz, chief executive of Yuga Labs, said in a statement. “The possibilities for blockchain’s impact on culture are endless, and so we are building a beautiful, interoperable world for people to explore and play in. There’s a lot to come.”
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