OpenSea is reportedly eyeing a $13 billion valuation ๐จ This article is 3 years old...
OpenSea is reportedly eyeing a $13 billion valuation
If true, the valuation would put the popular NFT marketplace at the very top of the crypto market.
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Updated: Mar. 22, 2022 at 10:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
NFT marketplace OpenSea is reportedly in talks for another funding round that would value the company at $13 billion.
According to Eric Newcomer, a former Bloomberg journalist and author of the Newcomer newsletter, the deal will be led by Coatue and include participation from Kathryn Haun’s new crypto fund.
NFT craze pushes OpenSea past the unicorn stage
One of the world’s largest NFT marketplaces is reportedly in talks for yet another raise that would put its valuation on par with industry giants such as Binance.
Sources familiar with the matter have revealed that Coatue, a global investment manager, will be leading the funding round that will value the company at $13 billion. Dan Rose, the Chairman of Coatue Management, may also take a board observer seat at OpenSea following the raise.
Kathryn Haun, a former general partner at Andreessen Horowitz, will also be participating in the funding round. Haun left Andreessen Horowitz last month to start her own venture capital fund. During her time at the investment firm, she co-chaired all of the company’s crypto funds, which invested almost $3 billion in various cryptocurrency projects.
Haun currently serves as the only board member at OpenSea aside from its two founders, Devin Finzer and Alex Atallah, and has led OpenSea’s Series A and Series B funding rounds while at Andreessen Horowitz. At the time, the funding rounds valued the company at $1.5 billion.
Neither OpenSea nor any of the mentioned VCs have commented on the rumors.
Last month, OpenSea’s newly appointed CFO Brian Roberts hinted that the company growing as fast as it was should certainly look into going public. And while he noted that there was still a long way to go before an IPO could take place, Roberts said that that the company does not literally need โto raise more cash,โ but could use more funding to โacquire companies, strike partnerships, and create joint ventures to further expand the use of NFTs into new industries.โ
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Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
