BUSINESS | Sep 15, 2021 | WOZINGA NEWS
Miami-based NFT company RECUR secured a $50M to Develop Sports-Focused NFT MarketPlace
RECUR, a Miami-based NFT company, recently received a $50 million Series A fundraising round, valuing the company at $333 million.
By Elah Mae Ariate Wozinga Staff
The firm raised $5 million in a seed round six months ago, and this announcement comes six months later. According to reports, the money would be used to hire 150 people.
DWeb3 investors Mark Daniel and Benjamin Milstein led the Series A fundraising round, with the latter gaining renown as an art dealer retailing six-figure bongs. The acquisition was also led by Steve Cohen’s family office. A notable hedge fund investor, according to the report.
RECUR plans to develop experiences that allow fans to buy, collect, and resell digital products
Cohen will join the RECUR board of directors as the owner of the New York Mets. Angels such as the Winklevoss Twins, Joseph Lubin (co-founder of Ethereum), and others have already invested in RECUR. Also, Gary Vaynerchuck, as well as sports and cryptocurrency-focused investment firms including Courtside VC and Volt Capital.
RECUR intends to assist brands and businesses in designing and developing experiences. It allow fans to purchase, collect, and resell digital products such as NFTs. RECUR was founded earlier this year by Zach Bruch, a cryptocurrency trader, and Trevor George, a seasoned licensing executive.
In a statement, the co-founders said, “At RECUR, we are developing a future where NFTs may be taken anywhere as badges of personal expression. Also, community participation, and fandom, among so many other use cases.” “Our goal is to allow fans to own bits of the tales and IPs they enjoy, with genuine value preserved across any future chain.”
“Furthermore, we see a future in which the standard for a decentralized recurring royalty is integrated. Giving the creator appropriate credit when assets are exchanged over and over again,” they stated.
The company is rapidly scaling
The startup currently has over 150 open positions ranging from recruiting to marketing and engineering. The company prioritizes remote work, and all positions are open to US citizens. According to RECUR, this funding will enable them to bring brand experiences to market over the next year, in addition to catalyzing their massive hiring push.
Along with the announcement of this funding round, RECUR also announced a partnership with Veritone Inc. A company that assists organizations in deploying artificial intelligence algorithms, and CLC, a collegiate trademark licensing company.
Veritone, CLC, and RECUR are collaborating to create NFTU.com, a marketplace for NFTs relating to Pac-12 college sports.
In a statement, Kenden Blake, the Pac-12 Networks’ Senior Manager for Distribution and Licensing.”This new cooperation between Pac-12 Networks, Veritone, and RECUR will unleash new ways to offer the college sports content customers love, now through NFTs.”