In Brief:
- NFT Startup Recur raised $50 million with the valuation of $333 million.
- The round was led by cohen-backed firm Digital.
- Recur also announced the launch of new collegiate NFT marketplace NFTU.com.
RECUR, an NFT startup raised $50 million in a Series A funding round led by billionaire Steve Cohen’s family office, Digital. The funding round values the company at $333 million. Mr Cohen will serve on Recur’s board as Digital’s initial designated director.
According to a report, Recur also announced the launch of NFTU.com, its new collegiate NFT marketplace using exclusive Pac-12 content. NFTU is a new marketplace that will allow sports fans to own the latest and greatest highlights from college sports for the first time, starting with the Pac-12.
Pac-12 Networks is the first and only sports media company wholly owned by its 12 universities. Pac-12 Networks offers live coverage of 850 sporting events, making it one of the top live sports producers in the country.
Recur is partnering with leading artificial intelligence technology company, Veritone Inc, as well as CLC. Veritone will license RECUR-approved Pac-12 moments across all sports available for NFT creation.
Recur and Veritone will coordinate with student-athletes to obtain authorization to use their video highlights following the Pac-12’s Licensing Program. RECUR is combining these video rights in a partnership with CLC to bring certain collegiate marks to NFTU.com.
This is Cohen’s second investment within the cryptocurrency and blockchain space. In August, Cohen’s Point72 firm led the $21 million Series A funding round for crypto analytics and market intelligence company Messari.
“Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained across the future chain,” said the RECUR founders in a statement.
