Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating
Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors include Andreessen Horowitz and Samsung NEXT.
Dapper Labs, which was the firm behind CryptoKitties, an app where players buy cartoon kittens and breed them with other cats, announced that it would be using the funds to scale its blockchain platform Flow, launched last year.
The platform is built to enable various projects, including platforms for sports fans to trade digital memorabilia. Roham Gharegozlou, the company’s co-founder and chief executive officer said,
“We’ve all seen the waves of crypto come and go and the fact that we’re for the first time building a crypto network that’s more designed for usage rather than for speculation — and the first thing that you can use on top of it is an NBA product, that just made it an absolutely perfect fit.”
The firm is working on the collectible app called NBA Top Shot, which is in a testing phase. Its beta version was launched in May and has reportedly sold cards totaling $1.2 million.
In an email sent to the app’s users, the company shared that the NBA Top Shot app has over 900 active users, and it has sold over 22,000 packs.
Dapper Labs’ blockchain project already has some of the NBA”s biggest stars backing it including The Brooklyn Nets’ Spencer Dinwiddie, who has been selling a tokenized investment vehicle based on his future earnings, and Garrett Temple, the Miami Heat’s Andre Iguodala, the Orlando Magic’s Aaron Gordon, and the Los Angeles Lakers’ JaVale McGee.
The company is trying to build products that everyone can understand and engage with as “very few people outside of crypto” really get it as “lots of interesting things are happening under the hood.”