Funding round
OpenSea Seed
OpenSea, which works in NFT marketplace services in Miami, raised $2.0M in a Seed round announced on 10 May 2018, led by 1confirmation. 19 firms took part. It is OpenSea's second venture round on record; the one before was a Pre-seed in Jan 2018.
$2.0M
Amount raised
Not disclosed
Post-money valuation
19
Investors
1 lead
Valuation
What this round says about the price
OpenSea did not disclose a valuation in this round. It came 4 months after OpenSea's Pre-seed. It is under 1% of the $425M OpenSea has raised in the venture rounds on record. OpenSea raised again 34 months later: a Series A round of $23M in Mar 2021. Its next priced round, a Series B in Jul 2021, valued it at $1.50B.
OpenSea's funding rounds
OpenSea has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Pre-seed 1 Jan 2018, led by Y Combinator $120K
- Seed this round 10 May 2018, led by 1confirmation $2.0M
- Other not a venture round 1 Nov 2019 $2.1M
- Series A 18 Mar 2021, led by Andreessen Horowitz and A16z Crypto $23M
- Series B 20 Jul 2021, led by Andreessen Horowitz $100M$1.50B post-money
- Series C 4 Jan 2022, led by Paradigm and Coatue $300M$13.30B post-money
Investors
Who put money in
1confirmation led the round with 18 other firms.
Lead investor
- backs 15 venture-backed companies new investor
Also in the round
- Founders Fund backs 368 venture-backed companies new investor
- Foundation Capital backs 144 venture-backed companies new investor
- backs 59 venture-backed companies new investor
- Coinbase Ventures new investor
- backs 50 venture-backed companies new investor
- backs 2 venture-backed companies new investor
- Blockstack new investor
- The Stable Fund new investor
- Stacks new investor
- Flexcap new investor
- backs 52 venture-backed companies new investor
- backs 19 venture-backed companies new investor
- Calm/Storm Ventures new investor
- backs 31 venture-backed companies new investor
- Incisive Ventures new investor
- backs 32 venture-backed companies new investor
- backs 327 venture-backed companies new investor
- backs 14 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
710 Seed rounds in Tech Companies within a year either side disclosed an amount; the median was $2.0M, and this round was close to the median. The closest in time, other companies' Seed rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 1 May 2018 | $60M | not disclosed | not named |
| Tech Companies | 1 May 2018 | $6.3M | not disclosed | not named |
| Tech Companies | 24 May 2018 | $4.5M | not disclosed | Venture to Future Fund |
| Tech Companies | 15 May 2018 | $4.5M | not disclosed | Kleiner Perkins |
| Tech Companies | 16 May 2018 | $4.0M | not disclosed | Silverton Partners |
| Tech Companies | 25 May 2018 | $4.0M | not disclosed | Blazar Ventures |
| Tech Companies | 1 May 2018 | $4.0M | not disclosed | A. Capital Ventures |
| Tech Companies | 1 May 2018 | $4.0M | not disclosed | not named |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did OpenSea raise in its Seed round?
OpenSea raised $2.0M in its Seed round, announced in May 2018.
Who led OpenSea's Seed round?
1confirmation led it, with Founders Fund, Foundation Capital, Blockchain Capital, Coinbase Ventures and The Chernin Group and 13 more.
What was OpenSea's valuation at the Seed round?
It was not disclosed.
How does it compare with other Seed rounds in Tech Companies?
710 Seed rounds in Tech Companies within a year either side disclosed an amount; the median was $2.0M, and this round was close to the median.
Did OpenSea raise again after this round?
Yes: a Series A round in Mar 2021 of $23M.