NFT startup Immutable raises $60 million in Series B funding

An Australian startup Immutable, which created the NFT-focused Ethereum Layer-2 protocol Immutable X, raised $60 million in a Series B round. The Block reports.

The round was led by Bitkraft Ventures and King River Capital. It also included Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital and VaynerFund.

Immutable X lowers NFT minting costs through StarkWare’s scaling technology using zero-knowledge proofs for off-chain validation of transactions. According to the startup’s representatives, this approach requires far less gas costs and, consequently, energy resources, which is environmentally friendly.

The funds will be used to expand the development team, forge new partnerships with gaming firms, and continue work on the NFT games Gods Unchained and Guild of Guardians.

According to Crunchbase, in September 2019 Immutable received $15 million from Galaxy Interactive and Prosus Ventures. Previously, in July 2018, the startup raised $2.4 million in seed investments from Continue Capital and Nirvana Capital. Thus, the total capital raised by Immutable to date amounts to $77.4 million.

Earlier, billionaire Steve Cohen supported the NFT startup Recur in a Series A funding round of $50 million.

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