Mintable successfully ended its Series A with $13 Million Fresh Funds. The Singaporean NFT Marketplace backed by Mark Cuban will use the funds to scale Mintable’s operations and user acquisition efforts.
Mintable’s Series A Funding
A diverse set of backers participated in the round. The crypto, NFT and mainstream space was well represented. The company can now count Ripple, Animoca Brands and Metakovan’s Metapurse as investors. Moreover, the list included Doug Band — an American businessman and former advisor to Bill Clinton, Jon Oringer — founder and executive chairman of Shutterstock and John Kim — a president at Expedia Group.
Other investors in the round include Double Peak Group, 7 O’Clock Capital, Digital Finance Group, Spark Digital Capital, Reimagined Ventures and 840 Venture Partners.
“As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users,” CEO Zach Burks said.
It is worth noting that all investors contributed the same amount so there are no lead investors.
CEO Zach Burks shared that some of the funds will be used to pad up manpower. The team currently has 14 members and it will be expanded to 35 by the end of the year. In addition, Mintable will use the funds to drive the user acquisition campaigns to reach the mass market and not just crypto users.
Burks said, “We consider ourselves an e-commerce platform first and an NFT platform second.” This implies that like other e-commerce platforms, userbase and usage is the name of the game.
Traction so far
Two years since its launch, Mintable has created 700,000 NFTs. The NFTs have a healthy average price of between $10,000 – $50,000. There are also high-profile sales worth $500,000 and the top sales record is set at $2 Million for sale in the secondary market. The current traction and success are part of Mintable’s main draw.
In addition, Mintable has powered some high profile NFT Collections. For example, it has collaborated with the National Football League (NFL) quarterback Trevor Lawrence. Lawrence’s NFT raked in over $400,000. The NFT Marketplace also launched the NFT Collection of popular Japanese fashion brand Bathing Ape.
The NFT Marketplace is also attuned to the ongoing green movement. Mintable is runs on Ethereum and also supports the Zilliqa blockchain. In effect, the platform can offer a gasless minting feature. This means that users can create NFTs on Ethereum without paying transaction fees. This feature is also driving the growth of Mintable.
Mintable is not the only project beefing up its arsenal. As NFTs continue to progress, the space is becoming more competitive. NFT marketplace Rarible raised $14.2 million in its Series A funding round. Meanwhile, Animoca brands also completed a $138.88 million capital raise on the same that Mintable announced its Series A Round. Animoca Brands officially entered unicorn status with a valuation of $1 Billion.