Funding round
OpenSea Series B
OpenSea, which works in NFT marketplace services in Miami, raised $100M in a Series B round announced on 20 Jul 2021, led by Andreessen Horowitz, at a $1.50B post-money valuation. 3 firms took part, with 6 individual investors. It is OpenSea's fourth venture round on record; the one before was a Series A in Mar 2021.
$100M
Amount raised
$1.50B
Post-money valuation
$1.40B pre-money
3
Investors
1 lead
6.7%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced OpenSea at $1.50B after the new money. The $100M bought investors about 6.7% of the company. It came 4 months after OpenSea's Series A. It is 24% of the $425M OpenSea has raised in the venture rounds on record. OpenSea raised again 6 months later: a Series C round of $300M in Jan 2022, at $13.30B 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 18 Mar 2021, led by Andreessen Horowitz and A16z Crypto $23M
- Series B this round 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 led the round with 2 other firms.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- Coatue backs 229 venture-backed companies new investor
- Creative Artists Agency new investor
Individual investors: Michael Ovitz, Kevin Durant, Ashton Kutcher, Kevin Hartz, Dylan Field and Tobi Lutke. Joined the board: Kathryn Haun (Andreessen Horowitz).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
999 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 3.2 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Remote Tech Companies | 13 Jul 2021 | $150M | $1.00B | Accel |
| 1Password Tech Companies | 27 Jul 2021 | $100M | $2.00B | Accel |
| Tech Companies | 27 Jul 2021 | $100M | $500M | CRV and Highland Europe |
| Tech Companies | 21 Jul 2021 | $90M | not disclosed | JAZZ Venture Partners and Temasek |
| Tech Companies | 28 Jul 2021 | $77M | $500M | General Atlantic |
| Tech Companies | 28 Jul 2021 | $65M | not disclosed | Accel-KKR |
| Tech Companies | 21 Jul 2021 | $65M | $340M | CRV |
| Tech Companies | 1 Jul 2021 | $56M | not disclosed | Tiger Global |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did OpenSea raise in its Series B round?
OpenSea raised $100M in its Series B round, announced in Jul 2021.
Who led OpenSea's Series B round?
Andreessen Horowitz led it, with Coatue and Creative Artists Agency.
What was OpenSea's valuation at the Series B round?
$1.50B post-money ($1.40B pre-money).
How does it compare with other Series B rounds in Tech Companies?
999 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 3.2 times the median.
Did OpenSea raise again after this round?
Yes: a Series C round in Jan 2022 of $300M at $13.30B post-money.