The grant backed by a number of popular investors will supposedly help the education-oriented platform become the largest "kids company" worldwide.
Zigazoo, one of the largest NFT education platforms and social networks for kids, has announced that it raised $17M in a Series A funding round, valuing the company at around $100M.
According to the official announcement issued on June 28, the capital will be used to expand the company’s Web3 offerings. Zak Ringelstein, the CEO and founder of Zigazoo, also noted that the funds will help the platform grow and “become the biggest kids company in the world.”
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The fundraiser was initially led by NY-based seed-stage fund Liberty City Ventures and saw participation from Dapper Labs, Causeway Media Partners, social-media influencers Charli and Dixie D’Amelio, German-based media firm OneFootball GmbH, Hong-Kong’s Animoca Brands, Lightspeed Venture Partners, as well as the National Basketball Association (NBA). One of the most popular tennis players Serena Williams and late-night host Jimmy Kimmel has also participated.
On top of that, the offerings will pave the way for the company to offer more non-fungible token (NFT) drops in the near future, as well as establish a new marketplace for digital services. By doing so, Ringelstein believes that the social network will be able to eventually access new “emerging tech sectors,” including metaverse and augmented reality (AR).
Zigazoo, founded in 2020, is a TikTok-based video-sharing application that managed to raise $21 million in VC. According to the official website, the kid-safe NFT education platform serves over 1 million users and collaborates with well-known entertainment businesses, celebrities, sports leagues, athletes, and other popular entities to bring thrilling content that children can learn from.
Emil Woods, founding partner at Liberty City Ventures that backed the funding, commented on Zigazoo’s importance and its mission to explore the Web3 technology:
“The future of Web3 will be shaped by the children of today, as their creativity expands the range of what is possible. Zigazoo in building a fun child-friendly platform where the creators of tomorrow can engage, explore and experiment.”
Zigazoo recently partnered up with Moonbug Entertainment, a London-based organization that created hit TV shows for kids like Blippi and CoComelon, and sold out four NFT drops within the first 48 hours.
In other news, earlier in June, the largest crypto exchange Binance and one of the most popular football players Cristiano Ronaldo partnered up to roll out a series of NFT collections on the Binance NFT platform. The Portuguese player's fans will have the opportunity to join Ronaldo's Web3 ecosystem later this year.