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