Friday Fundings: OpenSea, Fractal, Assent Compliance
NFT Marketplace OpenSea Announces $300 Million Funding Round, $13.3 Billion Valuation
NFT marketplace OpenSea is now among the most valuable private firms in crypto following a $300 million investment led by Paradigm and Coatue. During the Series C funding round investors valued OpenSea at $13.3 billion, a significant increase over its Series B valuation of $1.5 billion. The firm is well on its way to being the leader when it comes to trading NFTs.
OpenSea says they’ll spend the money on new hires, improved customer support and safety, as well as product development. It’s been a noteworthy past 30 days for the NFT marketplace, during which 1.6 million transactions were logged on the Ethereum blockchain, with a trading volume of $2.4 billion. Devin Finzer and Alex Atallah founded OpenSea in 2017 when most people had never even heard of NFTs.
$360 Million Investment From TPG Capital Makes Fractal a Unicorn
Artificial intelligence startup Fractal is announcing a $360 million investment from global private investment firm TPG Capital. It involves a mix of primary investment and a secondary share purchase. Funds advised by Apax Partners will be selling those shares, but the British private equity firm will remain a majority shareholder.
Sources value Fractal at over $1 billion, which would make it a “unicorn,” but additional terms of the deal weren’t released. Fractal’s co-founder has said the company is on track to go public sometime in the next two years. TPG’s investment will likely close in the first quarter of 2022.
Supply-Chain Data Management Company Assent Compliance Raises $350 Million
Canadian company Assent Compliance is being valued at over $1 billion by investors following a funding round of $350 million. The company focuses on supply-chain sustainability management and helping manufacturers make decisions regarding suppliers and whom to target as customers. This has proven to be especially challenging throughout the pandemic.
Assent was bootstrapped from 2010 to 2015, the first five years of its existence. Since then CEO Andrew Waitman has helped raise over $500 million and grow the company from 20 to 820 employees. That level of fundraising is considered rarer in the Canadian tech scene.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.