Bored Ape Yacht Club creator Yuga Labs raises $450M at a $4B valuation

Yuga Labs, creator of the Bored Ape Yacht Club NFT collection, raised $450 million in a seed funding round at a $4 billion valuation. The funding round was led by Andreessen Horowitz’s a16z crypto fund, with Animoca Brands, The Sandbox, LionTree, Sound Ventures, Thrive Capital, FTX and MoonPay also participating. 

The company will 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.”

Also Read: Eminem buys Bored Ape NFT for almost $500,000

The funding news came after Yuga Labs announced it acquired  intellectual property of CryptoPunks and launched ApeCoin, a cryptocurrency that Yuga says will be independently governed and used as the main currency in Yuga Labs’ properties.

The company plans to use the new funding to create an NFT-based, ApeCoin-powered game metaverse called “Otherside.”

Written by Maya Robertson


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