Snoop Dogg, Google Ventures and Samsung join $450m seed funding round for Yuga Labs, the web3 firm behind Bored Ape Yacht Club
Web3 platform Yuga Labs closed a $450 million Series Seed funding round, led by cryptocurrency a16z.
Yuga Labs is the web3 platform behind the popular Bored Ape yacht club of the NFT series, a collection of 10,000 NFT Bored Ape.
Last week, Universal Music GroupWeb3 label of 10:22 PM buying an NFT Bored Ape for over $350,000.
The funding round values Yuga Labs at $4 billion.
The round saw participation from leading game studios such as Animoca Brands and its subsidiary The Sandbox, strategic partners such as LionTree, Sound Ventures and Thrive Capital, and prominent crypto platforms. like FTX and MoonPay.
Other investors Named by Yuga Labs including artists like Snoop Dogg, Timbaland, 3LAU, Steve Aoki and Gunna, as well as tech giant Samsung.
The company’s funding announcement also follows news from earlier this month that Yuga Labs has acquired CryptoPunks and Meebits from Larva Labs.
CryptoPunks and Meebits are also popular non-fungible token (NFT) collections on the Ethereum blockchain.
Now that it has raised more than $450 million, Yuga Labs says that it plans to use the funds to scale “a rapidly growing team that attracts the best talent across innovative functions, technical and operational as well as for the joint ventures and partners they have planned”.
Additionally, on Friday, the company revealed plans for a new metaverse project, called On the other hand.
In October, Yuga Labs Signed with Madonna manager Guy Oseary to represent. NFTEvening report that Oseary is a “minority partner” of Yuga Labs.
“It was possible to have a new economy with the IPs of Apes, Punks and Meebits, owned by the community.”
Nicole Muniz, Yuga Labs
“It was possible to have a new economy with the IPs of Apes, Punks and Meebits, owned by the community,” said Nicole Muniz, CEO of Yuga Labs.
“The possibilities for blockchain’s impact on culture are endless, and so we are building a beautiful, interactive world for people to explore and play. There’s a lot more to come.”
“Yuga Labs has quickly become a web3 culture, games and entertainment empire.”
Chris Lyons, cryptocurrency 16z
Chris Lyons, general partner at a16z crypto, said: “Yuga Labs has quickly become a web3 culture, games and entertainment empire.
“Mainstream adoption in web3 is growing at lightning speed and Yuga is at the forefront of cultural fusion and innovation for people to join the metaverse.
“We are excited to invest in this outstanding team and their vision, and help create the next frontier of community-owned entertainment.”
“This funding will help Yuga quickly go to market across many of the areas it is deployed and bring in new partners with strategic thinking with a shared vision.”
Guy Oseary
“This funding will help Yuga quickly market the many things it is rolling out and bring in new strategic thinking partners who share the same vision,” said Guy Oseary, partner at Yuga Labs.Worldwide music business
