OpenSea, one of the largest digital marketplaces for collectibles, has secured the support of the venture capital company Andreessen Horowitz (a16z) and other companies in a new financing round.
According to Andreessen Horowitz, the company is running a Series A round worth $ 23 million for OpenSea together with a16z’s Cultural Leadership Fund and angel investors Ron Conway, Mark Cuban, Tim Ferriss, Belinda Johnson, Naval Ravikant, Ben Silberman and others.
“OpenSea makes NFTs searchable, usable and organized,” said Katie Haun, general partner of a16z. “But it goes further and offers a marketplace that brings all platforms together and simplifies transactions between all parties, like eBay and Amazon do.”
The venture capital firm cited OpenSea’s growth in its decision to support the non-fungible token (NFT) market. In the last six months, the transaction volume has increased 100 times. In addition, a16z praised the market leadership, including CEO Devin Finzer and CTO Alex Atallah.
As one of the first venture capital firms to step into the room, Andreessen Horowitz has so far invested in a variety of crypto projects, including Libra, Maker DAO, and Coinbase. Last month, the company endorsed Optimism’s L2 scaling solution.
This story evolves and is updated.