NFT marketplace Rarible closes $14M fundraising round led by CoinFund

Major venture capital firms in the crypto space have led the latest $14.2 million fundraising round for the NFT platform Rarible.

NFT marketplace Rarible closes $14M fundraising round led by CoinFund

Rarible said crypto investment group Coinfund and Venrock together had led a $14.2 million Series A fundraising round for the leading NFT platform. Other participants in the fundraising round include 01 Advisors. The funds will be used to expand the team and work efficiency. 

In addition, Rarible announced to launch an NFT marketplace on the Flow blockchain, with users able to mint NFTs while listing them on Rarible. The platform has partnered with artists and creators including Maxim, Ghostface, Johnny Nunez, and Xeo Chu to release NFTs.

The co-founder of Rarible said, “Flow has a fantastic track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences.” 

“As a blockchain, Flow enables easier access and lowers the entry barrier for consumers and brands via gasless minting, low-cost transactions, and scalability,” he added.

CoinFund originally partnered with Venrock to support innovation in crypto and blockchain firms in 2018 during the initial coin offering (ICO) boom. Both the New York-based crypto investment firm also made an undisclosed investment into Rarible in September.

Rarible, at that time, said that the NFT sector would likely see a 50% growth in capitalization. Back in 2020, the NFT market was worth $338 million.

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