NFTPort Collects $26M in a Series A Funding Round

NFTPort Collects $26M in a Series A Funding Round

NFTPort will use the funds to scale its core product and expand to new blockchains.

On June 15, Tallinn-based NFT infrastructure startup NFTPort raised $26M in a Series A funding round. The company shared the news on its Twitter account:

“We are excited & grateful to announce we’ve raised $26M to become the leading #NFT infrastructure! Our mission is to enable developers to build an Internet owned by citizens.”

The funds will be reportedly used for scaling its core product in order to assist devs in rolling out NFT-based apps. In addition, it will also pave the way for the startup to expand to new blockchains, provide more essential functions, and bring a significant number of talented people into the startup.

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On top of that, Johannes Tammekänd, NFTPort CEO and co-founder, implied that the company is one of the largest “NFT infrastructure providers” in the world. “You can think of us as the Stripe or AWS [Amazon Web Services] for NFTs,” he added.

"One of the core problem[s] companies and developers face in building NFT products is a lack of proper infrastructure. Our infrastructure brings their goods to market down from months to days or even hours and saves them hundreds of thousands of dollars."

The investment round was co-led by Taavet+Sten, the investment initiative launched by Estonian entrepreneurs Taavet Hinrikus and Sten Tamkivi. Rain Johanson will be reportedly enlisted as co-founder and CTO of NFTPort.

The funding also saw participation from various backers, such as Balaji Srinivasan, CTO of Coinbase, Jaynti Kanani, co-founder of Polygon, and Jutta Steiner, Polkadot co-founder, as well as Protocol Labs.

In other news, an investment adviser firm dubbed Delphia also cashed in $60M in a Series A funding round to explore the ways how users might provide data to algorithmic models. On top of that, a significant part of the funds will also be allocated to expand the team and roll out a new Delphia Data rewards token.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree