- Coatue leads latest investment
- Dapper Labs reportedly valued at US$2.6bn back in March
- La Liga NFT platform to launch on Flow blockchain next summer
Dapper Labs, best known as the maker of the National Basketball Association’s (NBA) Top Shot digital collectibles, has raised US$250 million in a funding round led by global investment manager Coatue.
The latest investment values Dapper Labs at US$7.6 billion, according to various reports, meaning the company will have nearly tripled its value in less than six months. The Canadian firm’s worth was pegged at US$2.6 billion in March after securing a fresh round of funding worth US$305 million, which was also led by Coatue.
Technology investment firm Bond and Singaporean sovereign wealth fund GIC were among the new investors in Dapper Labs’ latest funding round. Existing investors Andreessen Horowitz (a16z), GV (formerly Google Ventures) and Version One Ventures also took part.
The capital will be used to enhance the fan experience, develop new IP, as well as expand the Flow blockchain, which Dapper Labs describes as a ‘fast, decentralised, and developer-friendly blockchain’ for a new generation of games, apps, and the digital assets that power them.
“Dapper Labs is growing quickly but we’re just scratching the surface of what this new technology can do for people,” said Roham Gharegozlou (pictured above), chief executive of Dapper Labs.
“We’re excited to partner with our incredible investors to scale NBA Top Shot and launch our upcoming titles as well as unlock the potential of the open ecosystem building on Flow.”
Coatue chairman, Dan Rose, added: “We think Dapper Labs is a leader in the space at the infrastructure level with the Flow blockchain and at the application layer with NBA Top Shot. We continue to be impressed by Roham’s strong leadership and vision and we could not be more proud to partner with him and the entire team at Dapper.”
In addition to the funding round, Dapper Labs confirmed a deal with La Liga to create non-fungible tokens (NFTs).
Sportico initially reported last month that the company had reached an agreement with the league, with the partnership set to feature all of La Liga’s top-flight clubs, including Barcelona and Real Madrid, on the platform.
La Liga’s NFTs, which are launching on the Flow blockchain next summer, will be similar to those of NBA Top Shot, which includes revenue sharing for secondary market transactions.