Bored Apes NFT startup Yuga Labs raises $450M in seed funding, valuing the company at $4 billion
NFT startup Yuga Labs, creators behind ape avatar collection is using funds to build its NFT-based metaverse
Yuga Labs, the company behind Bored Ape Yacht Club raised $450M in a seed funding round, giving it a valuation of $4 billion, the company declared on Tuesday. The funding round was led by VC firm Andreessen Horowitz’s (a16z). This funding round is joined by investors including LionTree, Thrive Capital, Animoca Brands, Sound Ventures, FTX, and MoonPay.
Yuga Labs founded in 2021 has made the biggest valuation ever for a seed round investment, says the company. Moreover, the company reveals that it will use its funding to “scale its rapidly growing team, attract the best talent across creative, engineering and operations functions, and for joint ventures and partnerships it has planned.”
Earlier the following month, the startup made an acquisition announcement of famous NFT projects CryptoPunks and Meebits from Larva Labs. This acquisition of the assets does not mean that the co-founders of both the projects are turning to Yuga Labs but they will continue running Larva Labs. The company also announced the Launch of ApeCoin which allows the ApeCoin holders to participate in ApeCoin decentralized autonomous organization (DAO).
With the rapidly growing digital assets of NFTs, scores of startups are building projects that integrate NFTs to bring more value to the business. As more startups are now showing great interest in NFTs, it seems to grow in the future.
Soon after the announcement of the recent funding earlier this week, Andreessen Horowitz changed the Twitter avatar to a bored ape.
Moreover, the company is now planning to use its funding to build an NFT-based gaming metaverse named “Otherside” powered by ApeCoin. Before the funding announcement, the company releases a trailer video featuring the project on Twitter.