TechFlow news — Yuga Labs (the company behind Bored Ape Yacht Club) today announced it has raised $450 million in a new funding round at a $4 billion valuation, marking the largest single fundraising event in the NFT industry to date. The round was led by a16z, with participation from Adidas Ventures, Animoca Brands, Samsung, Google Ventures, Tiger Global, FTX Ventures, Coinbase Ventures, Moonpay, and others. Chris Lyons, partner at a16z, will also join Yuga Labs’ board of directors.
Yuga Labs stated that the funds will be used to advance its gaming initiatives and launch its metaverse project, Otherside. Wylie Aronow, co-founder of BAYC, said Otherside aims to build a "gamified," "fully decentralized," and "interoperable world," while attracting more NFT projects into its ecosystem.
Yuga Labs launched its APE token last week. At the time of writing, APE is trading at $12.13.
