Steve Cohen backed NFT platform RECUR closes Series A at $333 million valuation
RECUR, an NFT-focused company founded in February has raised $50 million in a Series A funding backed by Steve Cohen.
Steven Cohen led the funding round
The funding round, which values RECUR at $333 million, was led by Point72 founder Steve Cohen, who invested through a recently launched investment fund called DIGITAL. Cohen founded DIGITAL to invest in the NFT space and the Metaverse in particular. The company's other backers include Gary Vaynerchuk, better known as 'Gary Vee' CMT Digital, Digital, Delphi Ventures, and twins Tyler and Cameron Winklevoss.RECUR plans to use the funds to scale its platform, hire more than 100 employees, and use it to launch its recently created NFT marketplace, NFTU.com, which aims to generate multiple partnerships in the sports industry.
The company expects to work with college athletes
RECUR recently reached an agreement with the Pac-12 Conference and its licensing partners, Veritone Inc and Collegiate Licensing Co, that RECUR will create NFTs based on highlights of memorable moments from the Pac-12 over the years. "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," the firm's founders said in a press release.The Pac-12 NFTs will be part of the new NFTU.com platform developed by RECUR. The firm says it is in negotiations with other conferences to license its videos, content, logos, and mascots and hopes to convert other brands into NFTs. The company also expects to work with college athletes and the agencies representing them for NFTs, as athletes can now benefit from their name, likeness, and image.
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