• Steve Cohen-backed NFT platform raises $333 million in Series A funding

  • Riding the wave of interest in the market for non-fungible tokens (NFTs), a startup backed by hedge fund tycoon Steve Cohen has closed a $50 million Series A round.

    RECUR, founded by former DRW trader Zach Bruch and licensing expert Trevor George, is one of a growing number of startups operating in the NFT market, where firms such as Dapper Labs and OpenSea have become unicorns.

    RECUR’s new valuation is $333 million. Steve Cohen, the founder of hedge fund Point72, has joined the RECUR board of directors and invested in the company through DIGITAL, an investment vehicle that invests in the so-called Metaverse. CMT Digital, Delphi Ventures, and Gary Vaynerchuk are among the firm’s other investors. The firm has raised $55 million to date.

    RECUR intends to use the funds to scale its platform, hire for more than 100 positions, and go to market with NFTU.com, a newly launched collegiate NFT marketplace. The firm has collaborated with CLC, a collegiate trademark firm, and Veritone, the Pacific 12 Conference’s licensing partner, to create NFTs of logos, video clips, and “all sorts of college collectibles,” according to Bruch.

    The company is beginning with Pac 12 teams. According to George, the company has a number of licensing agreements similar to its deal with Veritone, which justifies its high valuation.

    “Our goal is to provide fans with the opportunity to own pieces of the stories and IPs they love, with real value retained across any future chain,” the company’s founders stated in a press release. “Furthermore, we envision a future in which the standard for a decentralized recurring royalty is embedded, giving the creator due credit as assets are exchanged repeatedly.”

    The firm would not comment on whether such an agreement had been reached with Cohen’s baseball team, the Mets.

    A Point72 spokeswoman confirmed Cohen’s investment through the billionaire’s family office. Earlier this year, Point72 made headlines for leading data firm Messari’s Series A.

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