NFT marketplace OpenSea raises $330m

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NFT marketplace OpenSea raises $330m

By Alexandra Leonards

7/1/2022

OpenSea has announced a $330 million funding round, valuing the company at $13.3 billion.

Paradigm and Coatue led the round with participation from new and existing investors.

The NFT marketplace said that the money will be spent on accelerating product development, significantly improving customer support and safety, "meaningfully" investing in the wider NFT and Web3 community, and growing its team.

In a blog post, OpenSea co-founder Devin Finzer said that the company is launching a grant programme to help support developers in the NFT space.

"Our ambition is to foster the scale and growth of the broader NFT ecosystem including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today," wrote Finzer.

He also revealed that former Meta vice president of commerce Shiva Rajaraman will become the company's new vice president of product.

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