NFTPort collects 26 million dollars in a Series A funding round led by Taavet+Sten and Atomico. The round attracts many investors including Protocol Labs, Sparkle Ventures, IDEO CoLab Ventures, Jaynti Kanani, Ott Kaukver, Balaji Srinivasan, and Jutta Steiner with many other founders. The team is growing after having Sten Tamkivi as a co-founder, Rain Johanson as a CTO and co-founder, and Taivo Pungas.
Headquartered in Tallinn, the startup provides one-stop, simple and developer-friendly NFT infrastructure & APIs. The startup will use the funding to scale its existing infrastructure, and improve NFT infra experience for Web2 and Web3. NFTPort also aims to enlarge its current team of 18 people to over 50 people.
NFTPort raises a $26M A round to become the leading NFT infrastructure
It’s been less than 12 months as NFTPort was publicly launched and today, they announce the closing of a $26 million Series A funding round co-led by Taavet+Sten, the investment vehicle of Taavet Hinrikus and Sten Tamkivi, and Atomico. As part of the next phase of the company’s growth, Sten will join the team as a co-founder, as well as Rain Johanson, former CTO of Bolt, who joins as a CTO and co-founder along with Taivo Pungas. Additional investors include Filecoin creator Protocol Labs, Sparkle Ventures, IDEO CoLab Ventures, Polygon co-founder Jaynti Kanani, former Twilio CTO, Ott Kaukver, former Coinbase CTO Balaji Srinivasan, and Polkadot co-founder Jutta Steiner, and many other founders.
NFTPort is the Stripe for NFTs: one-stop, simple NFT Infrastructure and APIs for developers to bring NFT applications to market in hours instead of months. NFTPort takes care of the infrastructure so that developers can focus on building their applications. NFTPort provides APIs for multi-chain NFT data and easy NFT minting, together with enhanced functionalities for search, recommendations and detecting NFT counterfeits.
“We have high conviction in a shift towards increased digital ownership powered by NFT technology, and the potential for NFTs to become a new asset class,” said Atomico Partner Irina Haivas. “However, a lot of the infrastructure required to underpin the widespread adoption of NFTs and other Web 3 technologies still needs to be built, and this is where NFTPort comes in.”
Building infrastructure is resource intensive in the initial phases thus a big part of the resources will go into scaling the existing infrastructure with the goal of helping the developers building on top of them to scale.
Secondly, doubling down on building the best NFT infra experience for both Web2 & Web3 devs, with out-of-the-box multi-chain support, high reliability and scale that reaches into hundreds of thousands of NFT reads and writes across multiple chains.
Thirdly, hiring one of the best teams in Web3. NFTPort will scale from 18 people today to 50+.
Finally, bringing to market a decentralized NFT infrastructure protocol because Web3 will only reach it’s true potential if it’s also built on top of decentralized infrastructure and the Internet can be owned by citizens.