OpenSea raises $300 million at a $13.3 billion valuation

NFT auction marketplace OpenSea has raised $300 million in a Series C funding round co-led by Paradigm and Coatue, at a 13.3 billion post money valuation. The new valuation rose sharply from the company’s $1.5 billion valuation in a $100 million Series B announced last July.

According to data compiled by DappRadar, OpenSea has recorded 1.6 million Ethereum transactions and $2.5 billion in trading volume in the last 30 days alone. 

The company plans to use the funding to accelerate product development, significantly improve customer support and customer safety, invest in the wider NFT and Web3 community, and grow the team.

In September 2021, OpenSea launched its mobile app for iOS and Android, where it is possible to view collections, but not possible to buy or sell NFTs. 

Devin Finzer, the co-founder and CEO of OpenSea, said in a statement that OpenSea’s transaction volume increased over 600x in 2021. The company was founded in 2017 by Devin Finzer and Alex Atallah.

Finzer also announced that OpenSea is launching a grand program this quarter in order to support  the developers, builders, and creators shaping the future of the NFT space. “Our ambition is to foster the scale and growth of the broader NFT ecosystem including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today.” Finzer added.