Friday Fundings: OpenSea, Fractal, Assent Compliance

NFT Marketplace OpenSea Announces $300 Million Funding Round, $13.3 Billion Valuation

NFT marketplace OpenSea is now among the most valuable private firms in crypto following a $300 million investment led by Paradigm and Coatue. During the Series C funding round investors valued OpenSea at $13.3 billion, a significant increase over its Series B valuation of $1.5 billion. The firm is well on its way to being the leader when it comes to trading NFTs.

OpenSea says they’ll spend the money on new hires, improved customer support and safety, as well as product development. It’s been a noteworthy past 30 days for the NFT marketplace, during which 1.6 million transactions were logged on the Ethereum blockchain, with a trading volume of $2.4 billion. Devin Finzer and Alex Atallah founded OpenSea in 2017 when most people had never even heard of NFTs.

$360 Million Investment From TPG Capital Makes Fractal a Unicorn

Artificial intelligence startup Fractal is announcing a $360 million investment from global private investment firm TPG Capital. It involves a mix of primary investment and a secondary share purchase. Funds advised by Apax Partners will be selling those shares, but the British private equity firm will remain a majority shareholder.

Sources value Fractal at over $1 billion, which would make it a “unicorn,” but additional terms of the deal weren’t released. Fractal’s co-founder has said the company is on track to go public sometime in the next two years. TPG’s investment will likely close in the first quarter of 2022.

Supply-Chain Data Management Company Assent Compliance Raises $350 Million

Canadian company Assent Compliance is being valued at over $1 billion by investors following a funding round of $350 million. The company focuses on supply-chain sustainability management and helping manufacturers make decisions regarding suppliers and whom to target as customers. This has proven to be especially challenging throughout the pandemic.

Assent was bootstrapped from 2010 to 2015, the first five years of its existence. Since then CEO Andrew Waitman has helped raise over $500 million and grow the company from 20 to 820 employees. That level of fundraising is considered rarer in the Canadian tech scene.

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