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Anvi Saini
Anvi Saini
Jul 30, 2022
News

Gary Vee's VeeFriends raises $50M in funding round led by a16z

VeeFriends, an NFT project founded by Gary Vaynerchuk, has raised $50 million in seed funding. The project plans to use the funds to scale its creative, technical and experiential operations.
Gary Vee's VeeFriends raises $50M in funding round led by a16z

Gary Vaynerchuk's NFT universe is about to expand after receiving $50 million in a seed round led by Andreessen Horowitz (a16z). Last year, the prominent NFT developer and investor soared to the highest ranks of NFT kingpins after earning $90 million in 90 days.

Since then, Gary Vee has worked with major global corporations, and his recognisable NFT characters, VeeFriends, has grown in popularity.

The funds raised will be used to support building the future intellectual property of the 283 VeeFriends characters, scale the team, and fuel expansion plans for its creative, technical and experiential operations.

The funding will also be used to hire top talent in the web3 and entertainment industries.

A16z, one of the top venture capital firms assisting the shift from web2 to web3, has now joined VeeFriend's expanding portfolio of partnerships after leading the NFT project's sizable seed round.

Commenting on his company’s investment in VeeFriends, Chris Lyons wrote:

“Not only is Vee Friends an exciting NFT project, but it also provides offline and in-person utility through curated experiences like VeeCon, which brought over 7,000 NFT ticket holders together for a week of informative conversations on web3, live music, and networking. VeeFriends represents the ethos of entrepreneurship, and we’re humbled by the opportunity to support Gary and the VeeFriends community on this journey.”

About a16z crypto

a16z crypto backs bold entrepreneurs building the next internet. With more than $7.6 billion raised across four funds, the a16z crypto fund invests in web3 companies and protocols, from early seed-stage projects to fully-developed networks. Its crypto-native team supports founders and the growth of web3 through its research organization, engineering and security teams, legal and regulatory teams, go-to-market expertise, recruiting services, educational content, and more.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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