NFT marketplace with Mark Cuban investments raises $13 million

NFT-marketplace Mintable raised $13 million in a Series A financing round. The platform was backed by Ripple, Animoca Brands, Expedia Group, former Bill Clinton adviser Dag Bend, Shutterstock founder John Oringer, and other investors.

Happy to announce the close of our Series A round.
Thank you to all our investors for their belief in our mission to make #NFTs accessible to everyone.

Full press release: https://t.co/FrwDzKXsDr

— Mintable (@mintable_app) July 1, 2021

Founder and CEO Zak Burks told The Block that there was no lead investor in the round — all participants contributed equal sums of money.

Following Series A, total funding for the NFT marketplace reached $15.5 million. In March the platform closed a seed round of $2.5 million. At the time it was backed by Time Ventures, Ashton Kutcher’s Sound Ventures, and billionaire Mark Cuban.

The funds will be used to scale operations, sustain growth and marketing efforts, and expand the company’s headcount. The company currently employs 14 people and aims to hire a further 21 by the end of the year.

According to Burks, the platform aims to reach the mass market. Most of its users are cryptocurrency holders, but Mintable plans to simplify the process of buying NFTs.

“We see ourselves first and foremost as an e-commerce marketplace, and second as an NFT platform,” Burks said.

Mintable reports that since 2018 the marketplace has minted about 700,000 NFTs. The founder valued the average price of these tokens at between $10,000 and $50,000. Several NFTs have sold for as much as $500,000, and one fetched $2 million.

Earlier in June, NFT marketplace Rarible closed a $14.2 million funding round. The investments will go toward developing an open-source network protocol that will help users create their own projects.

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