OpenSea, one of the world’s largest digital acquisitions, has won support from Andreessen Horowitz, or a16z, and others in a new round of financing.
According to Andressen Horowitz, the company is leading the first round of the $ 23 million Series A for OpenSea with the a16z Cultural Leadership Foundation, as well as business angels Ron Conway, Mark Cuban, Tim Ferris, Belinda Johnson, Naval Ravikant, Ben Silberman and others.
“OpenSea makes NFTs searchable, easy to use and regulated,” said Katie Hawn, general partner of a16z. “But it goes further and provides a marketplace that connects all platforms and makes transactions between all parties easier, just as eBay and Amazon do.”
The venture capital firm cited OpenSea’s growth in its decision to boost the non-exchangeable token, or NFT, market, saying it had “gone off the rails” in the past six months, and transaction volume had grown 100 times. In addition, the a16z has applauded market leaders, including CEO Devin Finzer and CTO Alex Atallah.
Andreessen Horowitz, one of the first venture capital firms to enter the market, has so far invested in several crypto projects, including Libra, Maker DAO and Coinbase. Last month, the company backed Optimism’s L2 scale solution.