RECUR also announces the launch of NFTU.com, its new collegiate NFT marketplace using exclusive Pac-12 content.
RECUR, the technology company that designs and develops on-chain branded experiences allowing fans to buy, collect, and re-sell digital products and collectibles (NFTs), today announced its Series A raise of $50M at a $333M post-money valuation, making it the largest Series A in the NFT space. DIGITAL, a metaverse investment platform led by Web3 gurus Mark Daniel and Benjamin Milstein, with financial backing from Steve Cohen’s family office, was the lead investor in the financing. Mr. Cohen will also serve on RECUR’s board as DIGITAL’s initial designated director.
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Founded by two leaders in cryptocurrency trading (Zach Bruch) and licensing (Trevor George), RECUR is creating new universes for fans and communities to engage, play and collect NFTs while setting the standard for a decentralized recurring royalty.
“At RECUR, we are building a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained across any future chain. Further, we see a future where the standard for a decentralized recurring royalty is embedded, giving the creator due credit as assets are exchanged over and over again,” say co-founders, Zach Bruch and Trevor George.
RECUR is currently scaling out the company’s go-to-market team with over 150+ open roles, including key investments in recruiting, marketing, customer success, design and engineering. Additionally, the newly secured funding will help bring brand experiences to market over the next year.
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In addition to DIGITAL, previous RECUR investors include: Defi Alliance, Courtside VC, Volt Capital, Joe Lubin, Gemini/the Winklevoss Twins, Gary Vaynerchuk, Scott Belsky, Hashed, Nascent, Delphi Ventures, JST Capital, Divergence, 640 Oxford, IOSG, CMT Digital, David Choi, Jason Derulo, Scott Lewis and Chris Hermida.
On the heels of the Series A raise, RECUR is also announcing its partnership with leading artificial intelligence technology company, Veritone, Inc, as well as CLC, the nation’s leading collegiate trademark licensing company. As the exclusive content licensing partner for the Pac-12 Networks, 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, in accordance with the Pac-12 Networks NIL Licensing Program. RECUR is combining these video rights in a separate partnership with CLC to bring certain collegiate marks and mascots to its singular official collegiate experience, NFTU.com.
NFTU is a new marketplace that for the first time will allow sports fans to own the latest and greatest highlights from college sports, starting with the Pac-12. NFTU will be the sole marketplace for these covetable assets, making it an instant staple in the NFT sports world.
“Consistent with the innovative spirit that drives Pac-12 Networks and the Pac-12 Conference, we are thrilled to be leading the way in collegiate sport content licensing for NFTs,” said Pac-12 Networks Senior Manager for Distribution and Licensing Kenden Blake. “This new partnership between Pac-12 Networks, Veritone and RECUR will unlock new ways to deliver the college sports content fans love, now through NFTs.”
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