Dapper Labs, the team behind NBA Top Shot, launches a new round of financing with a valuation exceeding $7.5 billion.

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Dapper Labs Valued at Over $7.5 Billion

According to previous reports, the development team behind NBA Top Shot, Dapper Labs, secured a $305 million financing round in March led by investment firm Coatue Management. Investors in this round included basketball legend Michael Jordan, Andreessen Horowitz (a16z), Union Square Ventures, and Brooklyn Nets star Kevin Durant, among others.

Following the completion of this round of financing, Dapper Labs reached a valuation of $2.6 billion, officially becoming a unicorn company (established in less than ten years with a valuation exceeding $10 billion).

However, in less than a month, the company seems to have initiated another round of financing. According to tech news media The Information, Dapper Labs has launched a new round of financing led by Coatue Management. It is reported that as of now, the latest valuation has exceeded $7.5 billion, which is 2.88 times the previous round. As this round of financing has not been completed yet, The Information pointed out in the report that if more investors participate, the final valuation may further increase.

Rising to Fame

One of the main reasons Dapper Labs has attracted numerous investors is the craze for Non-Fungible Tokens (NFTs) and the success of the NBA Top Shot product itself. According to data from DappRadar, despite a slight decrease, NBA Top Shot remains the platform with the highest number of users and the largest trading volume in the NFT concept category.