Canadian blockchain gaming outfit Dapper Labs has raised $250 million, valuing the company at $7.6 billion.
That compares to a $2.6 billion valuation earlier in 2021 when it raised $305 million.
The investment round was led by Coatue Ventures and featured participation from existing investors such as Andreessen Horowitz, GV, Version One Ventures, as well as new investors including Bond and Government of Singapore Investment Corporation.
Dapper Labs is one of the pioneers of NFTs and blockchain gaming, with the release of CryptoKitties back in 2017 and the creation of its Flow blockchain, which launched in 2020.
Since its launch, the company and users have exceeded $780 million NBA Top Shot collectables traded in its marketplace across 13 million transactions, with over 48 per cent of accounts claiming ownership of at least one moment.
The company stated that the capital raised will be committed to scaling and supporting major additional brand-driven sports, entertainment, and music-based products that will be developed on the Flow blockchain platform.
Scratching the surface
In addition to the funding, Dapper Labs are also partnering with the Spanish football league, LaLiga, to generate NFT collectables.
"Coatue has been investing in technology trends for over 20 years and web 3.0 is one of the most exciting trends we've seen," said Coatue Ventures chairman Dan Rose.
"We think Dapper Labs is a leader in the space at the infrastructure level with Flow blockchain and in the application layer with NBA TopShot. We continue to be impressed by Roham's strong leadership and vision and we could not be more proud to partner with him and the entire team at Dapper."
Dapper Labs CEO Roham Gharegozlou added: "Dapper Labs is growing quickly but we're just scratching the surface of what this new technology can do for people. We're excited to partner with our incredible investors to scale NBA Top Shot and launch our upcoming titles as well as unlock the potential of the open ecosystem building on Flow."
It has been a big week for sports-based NFT gaming space with French blockchain outfit Sorare raising $680 million for its NFT fantasy football game, the largest amount raised by a French tech company.