Solana-centric NFT marketplace Magic Eden has raised $130 million in a recent Series B funding round, which has further solidified the start-up’s unicorn status through bumping its valuation up to a whopping $1.6 billion.
Venture capital firms Electric Capital and Greylock Partners co-led the round, with participation also coming from Lightspeed Venture Partners, as well as previous investors of Magic Eden, Paradigm and Sequoia Capital.
The funds will be used to expand upon the company’s primary marketplace ‘Launchpad’, as well as its more notorious namesake secondary marketplace. Launchpad currently hosts over 250 projects on its platform, while the Magic Eden NFT marketplace, which is the main contributor of the company’s success, is responsible for 92% of all Solana-based NFT trade volume. More specifically, the injection of capital will be used to explore multi-chain opportunities across the platforms which extend beyond the Solana blockchain, as well as to improve its products, services, and other elements of the Magic Eden experience.
The round and subsequent valuation comes just three months after the company closed a $27 million Series A funding round in March, and just nine months after the company launched as a whole in September 2021.
