Funding round
OpenSea Series A
OpenSea, which works in NFT marketplace services in Miami, raised $23M in a Series A round announced on 18 Mar 2021, led by Andreessen Horowitz and A16z Crypto. 20 firms took part, with 12 individual investors. It is OpenSea's third venture round on record; the one before was a Seed in May 2018.
$23M
Amount raised
Not disclosed
Post-money valuation
20
Investors
2 leads
Valuation
What this round says about the price
OpenSea did not disclose a valuation in this round. It came 34 months after OpenSea's Seed. It is 5.4% of the $425M OpenSea has raised in the venture rounds on record. OpenSea raised again 4 months later: a Series B round of $100M in Jul 2021, at $1.50B post-money.
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 10 May 2018, led by 1confirmation $2.0M
- Other not a venture round 1 Nov 2019 $2.1M
- Series A this round 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
Andreessen Horowitz and A16z Crypto led the round with 18 other firms.
Lead investors
- Andreessen Horowitz backs 722 venture-backed companies new investor
- A16z Crypto new investor
Also in the round
- Founders Fund backs 368 venture-backed companies new investor
- Naval Ravikant new investor
- backs 28 venture-backed companies new investor
- Seven Seven Six backs 90 venture-backed companies new investor
- Dylan Field new investor
- backs 20 venture-backed companies new investor
- backs 44 venture-backed companies new investor
- Messari new investor
- Pinterest new investor
- Reddit new investor
- Airbnb new investor
- SV Angel backs 293 venture-backed companies new investor
- Tim Ferriss new investor
- backs 9 venture-backed companies new investor
- backs 15 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- backs 59 venture-backed companies new investor
- Metapurse new investor
Individual investors: Naval Ravikant, Mark Cuban, Tim Ferris, Belinda Johnson, Ben Silbermann, Alexis Ohanian, 3LAU, RAC, Justin Kan, Dylan Field, Linda Xie and Ron Conway.
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
1,650 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.9 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 2 Mar 2021 | $100M | not disclosed | Paradigm and Tiger Global |
| Tech Companies | 30 Mar 2021 | $88M | not disclosed | Bain Capital Ventures |
| Tech Companies | 11 Mar 2021 | $75M | not disclosed | General Catalyst |
| Tech Companies | 25 Mar 2021 | $55M | not disclosed | not named |
| Dream Games Tech Companies | 1 Mar 2021 | $50M | not disclosed | Index Ventures |
| Tech Companies | 3 Mar 2021 | $47M | not disclosed | Insight Partners and Entrée Capital |
| Tech Companies | 1 Mar 2021 | $36M | not disclosed | not named |
| Tech Companies | 10 Mar 2021 | $35M | not disclosed | Scale Venture Partners |
Sources
Where this comes from
Reported by 6 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did OpenSea raise in its Series A round?
OpenSea raised $23M in its Series A round, announced in Mar 2021.
Who led OpenSea's Series A round?
Andreessen Horowitz and A16z Crypto led it, with Founders Fund, Naval Ravikant, Mark Cuban Companies, Seven Seven Six and Dylan Field and 13 more.
What was OpenSea's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,650 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.9 times the median.
Did OpenSea raise again after this round?
Yes: a Series B round in Jul 2021 of $100M at $1.50B post-money.