Crypto Company Yuga Labs Raises N186.7 Trillion in Funding

Crypto Company Yuga Labs Raises N186.7 Trillion in Funding

  • Yuga Labs, one of the savviest marketers of NFT brands, has raised about N186.7 trillion in funding to scale their market and team in the industry
  • The funding was led by Andreesen Horowitz, who has shadowed the company for many months and others like Animocoa
  • The recent funding makes the firm a top crypto company to attain the $4 billion valuation as of January 2022

Founders of the Bored Ape Yacht Club NFT, Yuga Labs has raised a whooping N186.7 trillion to hit a unicorn status at about $4 billion valuations.

This is after the firm launched its ApeCoin token last week that gained close to 4,000 per cent on the first day of launch, Nairametrics report says.

Yuga Labs raises N186 trillion in funding.
Yuga Labs raises N186 trillion in funding. Credit: Chris Myke
Source: Getty Images

The new funding places the company’s valuation at $4 billion. Andreesen Horowitz has been shadowing Yuga Labs’ fundraise. Other funders include Animocoa Brands, Coinbase, FTX, MoonPlay LionTree, Sound Ventures and Thrive Capital.

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Curator of the Red Huddle Up newsletter, Joe Pompliano, said the company just clocked 14 months and had 11 full-time employees as of January 2022.

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Pompliano added that the company generated about $138 million in revenue in 2021 and a net profit of $127 million.

What Yuga Labs is about

Experts say this is the company’s first institutional investment, making it the most significant round for any NFT collection in history.

Reports say that the company intends to use the funding to grow its team woo more creatives, engineers and operations talents.

The Financial Times report mentioned that Yuga Labs raised funds at a multibillion-dollar valuation. This news also comes after Yuga Labs tease a new metaverse project called “The Otherside,” powered by the ApeCoin token released.

The ApeCoin currently trades $12.19 per token, up 10.05 per cent for the day.

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The Big Cabal Media joins the big boys, secures N954.5 million funding

Legit.ng has reported that The Big Cabal Media has been handed over N900 million in seed funding to expand its reach.

The funding was led by Mac Venture Capital, Luminate, Unicorn Group, Future Africa and other investors.

The latest round brings the overall funding to N1.2 billion. The company had raised N257 million from both angel and pre-seed rounds between 2016 and 2020, the Nairametrics report says.

Source: Legit.ng

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