Crypto and NFT startups are still receiving several millions of dollars from investors, and cricket NFT marketplace FanCraze is the latest to benefit.
Bloomberg recently reported that Flow-based NFT, a platform for official cricket collectibles, has raised $100 million in Series A funding.
Insight Partners and B Capital Group are leading the round, which also includes Mirae Asset from South Korea. One of the investors, according to sources familiar with the matter, is international soccer superstar Cristiano Ronaldo.
FanCraze entered the NFT space in 2021 after being co-founded by Stanford University alumnus Anshum Bhambri, a former investment banker, and Kushagra Kohli, who graduated from Duke University's Fuqua School of Business.
With the International Cricket Council (ICC), the startup will launch cricket NFTs using the Flow blockchain, which powers popular NBA Top Shot's collectibles.
FanCraze received seed funding of $17.4 million last December led by Tiger Global Management, with participation from Coatue, Sequoia Capital India, and Dapper Labs.
The company released its first pack of NFTs about a month later and launched its NFT marketplace.
NFT startups have been attracting a lot of investment recently. OpenSea, a leading NFT marketplace, raised $300 million from Paradigm & Coatue in its Series C round in January.
Six months earlier, the company had a valuation of $1.5 billion, a huge increase. Magic Eden, Solana's leading platform for NFT, raised $27 million in Series A last week as well.