Billionaire New York Mets Owner Steve Cohen led a $50 Million Series A financing round for Recur NFT Company. With a valuation of $333 Million, RECUR is ready to make a splash in the industry by initially targeting College sports.
Aside from investing in the company through DIGITAL investment vehicle, the hedge fund mogul is also joining the advisory board. During the seed round in March, the company raised $5 Million from Defi Alliance, Volt Capital, Joe Lubin, Gary Vaynerchuk and twins Tyler and Cameron Winkelvoss. To date, the firm has raised a total of $55 million.
What attracted Steve Cohen to RECUR NFT Company?
The main strategy of RECUR is to sign licensing agreements with brands and companies then releasing NFTs based on their intellectual property. This way, fans and collectors can buy and sell NFTS through marketplaces and websites that RECUR creates.
With the fresh funding, RECUR plans to scale its platform and fill in more than 100 positions. The platform is entering the space with a newly launched Collegiate NFT Marketplace: NFTU. Additonally, RECUR has partnered with two giants: CLC, a collegiate trademark firm; and Veritone, the licensing partner of the Pacific 12 Conference. Reportedly, the partners will create NFTs based on memorable Pac-12 moments in history.
Basically, the long-term goal of RECUR is for NFTU to someday house NFTs for every college sports league in the US. However, for now, the company is negotiating with other conferences to license their videos, content logos, mascots and other assets as NFTs. Essentially, similarly to how professional athletes are embracing the technology, RECUR plans to tap college athletes and agencies.
Looking ahead, RECUR is already in talks with brands and companies in the film, entertainment and pop culture industries. Therefore, its safe to say NFTs from individual artists and musicians are in the pipeline.
Meet the Partners
RECUR is the brainchild of DRW trader Zach Bruch and licensing expert Trevor George. Apparently, they “go way back” and both studied University of Michigan in 2011 and 2016, respectively.
Bruch explained why they are specifically targeting the collegiate market. He said, “It’s very fragmented in the college space. Not even the colleges themselves own all the rights to various (intellectual property) like video footage, as an example.”
He added, “What we’ve done is we’ve brought everyone together, the individual colleges, the Collegiate Licensing Co., the video rights holders like Veritone and the conferences like the Pac-12 and we’ve created this centralized collegiate experience.”
In terms of pricing strategy, it looks like RECUR will follow the footsteps of NBA Top Shot. Bruch explained, “We take a mainstream approach. What hits the headlines the most is a $1 million deal here, a $69 million deal there. But in reality, the fans of large, global (intellectual property) aren’t coming and spending $1 million. We want to make our price points more accessible, much more in line with perhaps a mobile app purchase that you would make.”
Seemingly, RECUR are here to stay. Hopefully, there’s much more in store for the brand. So, if you want to stay up to date, make sure to check their website. Actually, the future of on-chain experience is at your disposal!