Friday Fundings: Ledger, Faire, Mythical Games
Crypto Wallet Startup Now Sports a $1.5 Billion Valuation
Ledger, a French company that makes digital wallets to store cryptocurrency, raised $380 million in venture funding. The Series C round was led by 10T Holdings and included existing investors. The latest fundraising gives Ledger a valuation of more than $1.5 billion.
In addition to its popular crypto wallet, the company operates Ledger Live, a cryptocurrency management platform, and Ledger Enterprise Solutions, a digital assets security service for financial institutions. The company has been experiencing rapid growth, selling more than 3 million hardware wallets in 190 countries since its launch in 2014. Proceeds from the fundraising will be used to develop its hardware products, expand its enterprise offering, and invest in its proprietary operating system.
Online Wholesale Marketplace Operator Raises $260 Million
Faire, an online wholesale marketplace operator, raised $260 million in venture capital, giving it a valuation of roughly $7 billion. It is close to triple the $2.5 billion valuation the startup had just a little over six months ago. Sequoia Capital led the Series F round, which also included existing investors Baillie Gifford and Wellington Management.
Faire helps small retailers compete with Amazon (AMZN) and Walmart (WMT) by connecting them with small brands around the world. Faire entered the European market three months ago and has experienced rapid growth since. Faire plans to use the new capital to increase its investment in apparel, significantly increase its headcount, and expand into new markets.
NFT Game Maker Raises $75 Million
Mythical Games, a non-fungible token startup, raised $75 million in a Series B round of funding. Growth equity firm WestCap led the funding which also included participation from VaynerFund, Galaxy Digital, and others. Mythical Games has raised a total of $120 million in venture funding.
Traditionally, video game players pay normal dollars and cents for in-game items that hold value only within that specific virtual world. At the moment, they can’t really be sold to other players, essentially rendering them useless if players lose interest in a game. Mythical Games wants to tackle that issue by turning these items into NFTs that can then be bought and sold. Prices would then be market-based, fluctuating on the scarcity of an item. One of Mythical Games’ first ventures is called Blankos Block Party, which already has more than 100,000 NFTs.
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