Tech Startup Raises Largest Series A Funding in NFT History

Mark B., Tech Times 14 September 2021, 12:09 am

RECUR, the technology company that designs and develops on-chain branded experiences for NFT has announced raising $50M from its recent Series A.

The Series A raise of $50M, at a $333M post-money valuation, makes RECUR the largest Series A funding round in the NFT Space. This recent funding round was led by DIGITAL, a metaverse investment platform led by Web3 visionaries Mark Daniel and Benjamin Milstein, plus financial backing from the family office of Steve Cohen. Additionally, Cohen himself will serve on the RECUR board as DIGITAL's initial designated director.

Aside from DIGITAL, previous investors include Courtside VC, Defi Alliance, Volt Capital, Joe Lubin, Gary Vaynerchuk, Scott Belsky, Gemini/ the Winklevoss Twins, Hashed, Delphi Ventures, Nascent, JST Capital, DIvergence, 640 Oxford, CMT Digital, David Choi, IOSG, Scott Lews, Jason Derulo, and Chris Hermida.

(Photo : Recur)

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RECUR: Connecting Communities with NFT

RECUR was founded by two leaders, one on cryptocurrency trading with Zach Bruch and another in licensing with Trevor George. The company seeks to create new universes for both fans and communities to engage, play, trade, and collect NFT while setting a new standard for decentralized recurring royalties.

"At RECUR, we are building a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained across any future chain," explains the RECUR founders in a statement. " Further, we see a future where the standard for a decentralized recurring royalty is embedded, giving the creator due credit as assets are exchanged over and over again."

Currently, the company is scaling out its go-to-market team with more than 150 roles, placing significant investments in recruitment, marketing, customer success, design, and engineering. Furthermore, the newly secured funding is expected to bring the brand experience to the market by next year.

Teaming Up With Veritone and CLC to Launch NTFU

On the heels of its wildly successful Series A round, RECUR also announced that it is teaming up with leading AI technology company Veritone, as well as leading collegiate trademark licenser CLC. As the exclusive content licensing partner for the Pac-12 Networks, Veritone will be licensing RECUR-approved Pac-12 moments, including all sports, available for NFT creation.

Both RECUR and Veritone will also work with student-athletes to obtain authorization for their video highlights pursuant to the Pac-12 Networks NIL Licensing Program. RECUR will combine these rights in a separate arrangement with CLC to bring collegiate marks and markets to its singular official collegiate experience, NFTU.

NFTU is the new marketplace that allows sports fans to own the latest and greatest highlights from different college sporting events, starting with the Pac-12. It will be the only marketplace offering these exclusive assets, making it a game-changing presence in the NFT sports world.

"Consistent with the innovative spirit that drives Pac-12 Networks and the Pac-12 Conference, we are thrilled to be leading the way in collegiate sport content licensing for NFTs," says Kenden Blake, the Pac-12 Networks Senior Manager for Distribution and Licensing.

Published on Tech Times

Written by Mark B.