OpenSea Hits a Valuation of $13.3 Billion, Raises $300 Million in Series C

A prominent online marketplace for non-fungible tokens (NFTs), OpenSea announced that it has secured $300 million in a Series C funding round to expand its operations today. Co-founded by Devin Finzer, OpenSea is one of the most valuable startups in the crypto ecosystem.

Additionally, the company has received a valuation of $13.3 billion. The recent $300 million Series C financing was led by Paradigm and Coatue. In addition, OpenSea’s existing investors joined the funding round. According to the company, the investment will improve the overall community experience.

The online marketplace for NFTs aims to achieve four main targets through funding, including the acceleration of its product development, improvements in customer support, meaningful investment in the NFT and Web3 community and the expansion of its team.

“We are committed to expanding the entire NFT ecosystem. This quarter, we are launching a grant program to give us the opportunity to directly support the developers, builders and creators shaping the future of the NFT space. Our ambition is to foster the scale and growth of the broader NFT ecosystem, including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today,” Finzer said in a post.

Joining of Shiva Rajaraman

To accelerate its product development and user experience, OpenSea has announced the appointment of Shiva Rajaraman, the former VP of Commerce at Meta, as the company’s new VP of Product. In his career, Rajaraman worked with some of the well-known technology giants like YouTube, WeWork and Google.

“We’re focused on lowering the barriers to entry for NFTs by introducing features and simplified flows that abstract away the complexity of the blockchain. We’re also accelerating our multi-chain support and prioritizing improvements to help people discover, manage and showcase their NFTs with better tools, analytics and presentation,” Finzer added.