Magic Eden closes $130M Series B round
Co led by Electric Capital and Greylock
Magic Eden, the leading NFT marketplace on Solana, has raised $130 million at a $1.6 billion valuation.
The Series B round, announced Tuesday, was co-led by Electric Capital and Greylock, with participation from new investor Lightspeed Venture Partners alongside previous investors Paradigm and Sequoia Capital.
Magic Eden plans to use the funding to expand its primary and secondary marketplaces, explore “multichain opportunities” beyond the Solana blockchain, and improve its products, among other things.
“We know that NFTs are the best way to bring people onto the blockchain,” Jack Lu, CEO of Magic Eden, said in a statement. “NFTs are exciting, social and cultural experiences that bring connectivity to the world. We’ve made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry.”
Magic Eden’s primary marketplace, Launchpad, is home to over 250 projects, while its secondary marketplace accounts for 92% of the ecosystem’s volume, despite OpenSea adding support for Solana NFTs back in April.
This comes just over three months since Magic Eden closed a $27 million Series A round led by Paradigm with participation from Sequoia, Electric, Greylock, Kindred, Variant, and Solana ventures.
For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇