Funding round
OpenSea Series C
OpenSea, which works in NFT marketplace services in Miami, raised $300M in a Series C round announced on 4 Jan 2022, led by Paradigm and Coatue, at a $13.30B post-money valuation. 2 firms took part. It is OpenSea's fifth venture round on record; the one before was a Series B in Jul 2021.
$300M
Amount raised
$13.30B
Post-money valuation
2
Investors
2 leads
8.9x
Step-up from the Series B
$1.50B in Jul 2021
2.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced OpenSea at $13.30B after the new money, 8.9 times the $1.50B of its Series B (Jul 2021). The $300M bought investors about 2.3% of the company. It came 6 months after OpenSea's Series B. It is 71% of the $425M OpenSea has raised in the venture rounds on record. No later venture round is on record for OpenSea.
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 20 Jul 2021, led by Andreessen Horowitz $100M$1.50B post-money
- Series C this round 4 Jan 2022, led by Paradigm and Coatue $300M$13.30B post-money
Investors
Who put money in
Paradigm and Coatue led the round.
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
488 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 5.0 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| 1Password Tech Companies | 19 Jan 2022 | $620M | $6.80B | ICONIQ Growth |
| Tech Companies | 5 Jan 2022 | $400M | $17.50B | ICONIQ Growth |
| Dream Games Tech Companies | 18 Jan 2022 | $255M | $2.75B | Index Ventures |
| Tech Companies | 11 Jan 2022 | $150M | $1.00B | K1 Investment Management |
| Tech Companies | 20 Jan 2022 | $150M | not disclosed | SoftBank Vision Fund |
| Tech Companies | 19 Jan 2022 | $150M | not disclosed | Lightspeed Venture Partners and Tiger Global |
| Tech Companies | 18 Jan 2022 | $114M | $1.00B | Tiger Global |
| Tech Companies | 11 Jan 2022 | $111M | $1.40B | Brookfield |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did OpenSea raise in its Series C round?
OpenSea raised $300M in its Series C round, announced in Jan 2022.
Who led OpenSea's Series C round?
Paradigm and Coatue led it.
What was OpenSea's valuation at the Series C round?
$13.30B post-money.
How does it compare with other Series C rounds in Tech Companies?
488 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 5.0 times the median.