TechFlow News, April 29: According to The Block, Nuva Digital has closed a $5.2 million seed funding round led by Morgan Creek Digital, with participation from Ulu Ventures. The round was completed in a single tranche and marks the company’s first external financing. Nuva Digital was jointly incubated by Animoca Brands and Nuva Labs (formerly Provenance Blockchain Labs) and is building Nuva Finance—a real-world asset (RWA) yield platform. This seed round is a priced equity round accompanied by token purchase warrants; the company’s valuation remains undisclosed.
Nuva Finance positions itself as an RWA tokenization marketplace. Users deposit USDC, and the vault issues nvAsset tokens representing their proportional ownership stake. Yield accrues as the token price appreciates over time. Initially, the platform will offer two vaults backed by onchain RWAs from Figure Technologies: nvYLDS and nvPRIME. The underlying assets are YLDS—a yield-bearing stablecoin security registered with the U.S. Securities and Exchange Commission (SEC)—and home equity lines of credit (HELOCs) issued by Figure Lending LLC.
Following this funding round, Sachin Jaitly, General Partner at Morgan Creek Digital; Mike Cagney, Co-Founder and Executive Chairman of Figure Technologies; and Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, will join Nuva Digital’s Board of Directors. Additionally, Nuva Digital plans to launch the NUVA utility token; however, specific details and the timeline for its launch have not yet been disclosed.
