In Brief:
- Parent company of the Bored Ape Yacht Club is in talks for $5bn funding.
- This would be the first time an institution will put money into the enigmatic artistic collaborative.
- BAYC has produced over $750 million in trade volume and are backed by celebrities like Paris Hilton and Justin Beiber.
The Financial Times reported that Yuga Labs, the parent company of the Bored Ape Yacht Club, was in talks with one of Silicon Valley’s leading venture capital firms.
Yuga Labs is “discussing a fundraising with Andreessen Horowitz that would value the company at between $4 billion and $5 billion,” according to the report.
Yuga Labs is trying to sell a multi-million dollar interest in the current funding round while conversations are still underway, meaning the exact terms of the sale are susceptible to change. This would be the first time an institution will put money into the enigmatic artistic collaborative.
When you buy a Bored Ape, you get access to a private Discord channel and the opportunity to use your ape as a profile photo on social media. Yuga Labs gets a percentage on every resale of Bored Ape.
The Bored Apes are a series of 10,000 digital photographs of indifferent apes that were minted as Ethereum NFTs last April. They’ve produced over $750 million in trade volume and are backed by celebrities like Paris Hilton and Justin Beiber.
.Andreessen is a key shareholder in bitcoin exchange Coinbase and the NFT exchange OpenSea and had an early investment in other tech businesses such as Facebook and Airbnb.
