NFT marketplace OpenSea has lined up investors for a new funding round that would value the company at $13 billion. A successful raise would make it the latest cryptocurrency firm to ride the venture capital wave to deca-unicorn status.
Sources tell The Block that the firm, which raised at a $1.5 billion valuation last year, was planning to raise at a valuation as high as $15 billion, but investors have settled on a lower figure. Eric Newcomer first reported the $13 billion figure earlier Tuesday morning. Newcomer reported that hedge fund Coatue Management is leading the round.
Sources tell The Block that crypto fund Paradigm — which raised a whopping $2.5 billion fund late last year — is also participating.
The fresh injection of capital could help the startup fend off new rivals in the non-fungible token (NFT) market, which includes fine art and digital collectible sets. Coinbase is preparing to launch its own NFT marketplace while FTX already has one up and running.
The fresh capital could also help OpenSea make acquisitions. Axios has reported that the firm is set to acquire Dharma in a deal that could value the project at more than $100 million. The terms of the deal are being “ironed out,” according to the Axios report.