Yuga Labs Hits $4 Billion USD Valuation After Latest Funding Round

It also confirmed an upcoming metaverse project called Otherside.

NFT
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Yuga Labs, the company behind the popular NFT project Bored Ape Yacht Club, announced on Tuesday that it closed a $450 million USD Series Seed funding round, led by Andreessen Horowitz’s crypto arm, a16z.

Other crypto players involved in the deal include Animoca Brands, The Sandbox, LionTree, Sound Ventures, Thrive Capital, FTX, MoonPay, and others. According to a press release, the company plans to use the funds to “scale its rapidly growing team, attract the best talent across creative, engineering and operations functions, and for joint ventures and partnerships it has planned.”

The funding round gives Yuga Labs a valuation of $4 billion USD.

Financial Times first reported last month that Andreessen Horowitz was speaking to Yuga Labs. Earlier this month, Yuga Labs acquired two major NFT collectionsCryptoPunks and Meebits — positioning itself as a top-tier web3 entity beyond its popular BAYC community. The company calls itself “a web3 platform building what’s next.”

On Friday, the company teased its upcoming metaverse project, Otherside, powered by its recently-announced ApeCoin.

In other news, CASETiFY now lets you verify and display NFTs in your phone case.

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