Mega NFT marketplace OpenSea has raised $300 million in Series C funding, according to disclosures made on Tuesday.
This latest round of funding values the crypto startup at $13.3 billion, but according to The Block, the firm was targeting a valuation of $15 billion.
Hedge fund Coatue Management is leading the round, with crypto fund Paradigm also participating.
OpenSea co-founder and CEO Devin Finzer confirmed the news in a blog post.
“Opensea’s vision is to become the core destination for these new open digital economies to thrive, building the world’s friendliest and most tursted NFT marketplace with the best selection.
To accelerate this vision, we have raised $300 million in Series C funding at a $13.3 billion post money valuation. Paradigm and Coatue led the round with participation from new and existing investors. We are excited to work with these incredible partners, thinkers and builders who collectively bring a depth of experience in Web3, NFTs, and best in class consumer experiences.“Devin Finzer
Devin Finzer further revealed that OpenSea’s transaction volume increased over 600 times in 2021, which has necessitated a scaling up of operations including new hires.