The NFT-focused media distribution platform Pinata has raised a total of $21.5 million from Pantera Capital, Greylock and other investors.
HUGE NEWS 🚨
We are thrilled to announce our $21.5M raise co-led by @GreylockVC, @PanteraCapital, + @OfflineVC!
We’re about to start cranking things up.
Read more in this great piece from @techcrunch’s @jacqmelinek: https://t.co/WzqNRQl3FH
— Pinata 🎉 (@pinatacloud) August 9, 2022
According to co-founder and CEO Kyle Tut, this amount comprised an $18 million Series A and a $3.5 million seed round. Leading investors were Pantera Capital, Greylock and Offline Ventures with participation from Volt Capital, OpenSea, and Alchemy.
The company provides infrastructure based on the protocol IPFS for creating and supporting NFT marketplaces, metaverses, Web3 applications and other crypto projects.
The platform allows managing media files and monetizing them across a broad range of blockchains, including Ethereum, Solana, Polygon, Avalanche and Algorand.
“Today, we see NFT creators acting as if they were their own apps. Many would like to deliver content to millions of people, as on YouTube or TikTok, but they do not yet have the means,” said the head of Pinata.
Among the company’s clients are well-known industry players OpenSea, DraftKings, Protocol Labs and Yuga Labs. The total number of platform users reached 240,000, Tut noted.
Pinata will deploy the funding to expand the team and improve the infrastructure so that it becomes “faster, more stable and capable of supporting next-generation NFTs,” the company’s CEO said.
In the first half of the year, venture investment in the blockchain industry surpassed $30 billion.
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