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NFT Firm Recur Reaches $333M Valuation Following Series A Funding

cryptoknowmics.com 14 September 2021 00:30, UTC
Reading time: ~2 m

NFT firm Recur has reached a valuation of $333 million following a Series A funding round backed by billionaire Steve Cohen’s family office.

NFT Firm Recur Reaches $333M Valuation 

On Monday, Miami-based NFT firm Recur announced that it has secured a $50 million Series A funding round, giving it a valuation of $333 million. 

The raise was led by metaverse investment platform Digital, which is led by Mark Daniel and Benjamin Milstein, with financial backing from Steve Cohen. Some of Recur’s previous investors include Defi Alliance, Courtside VC, Volt Capital, Joe Lubin, Gemini/the Winklevoss Twins, and Gary Vaynerchuk.

According to the firm’s statement, Recur will use the proceeds for hiring over 150 new team members, developing new brand experiences, and launching a new marketplace called NFTU.com. Cohen, who owns Point72 Asset Management and New York Mets, will join Recur as one of its board directors.

"At RECUR, we are building a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained across any future chain,” Recur’s cofounders, Zach Bruch and Trevor George, said in the press statement.

They added: “Further, we see a future where the standard for a decentralized recurring royalty is embedded, giving the creator due credit as assets are exchanged over and over again.”

Recur Announces Partnership With Veritone and CLC

Aside from the funding round, Recur revealed that it has partnered with artificial intelligence company Veritone and collegiate trademark licensing firm CLC.

Veritone is an exclusive licensing partner for Pac-12 Networks -- an American sports-focused cable, and television network -- which will license all the Pac-12 NFTs created by Recur.

Meanwhile, CLC will help Recur gain access to collegiate marks and mascots for its new digital asset marketplace, NFTU, which would be dedicated to the “latest and greatest highlights from college sports.”

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