Letter from the RECUR CEOs: Announcing our $50M Series A Raise
The world around us is changing rapidly and at an exponential rate. What was clear to us 6 months ago when we launched this business, is even more clear to us now. The Metaverse is the next frontier, and community and culture will be the driving force.
Through provable digital ownership we are able to create a new universe for fans and communities to engage, play and collect. We have teamed up with the largest global IPs to extend fan narratives and storytelling into the metaverse- innovating on the way we forever will be able to interact with our favorite brands, films, sports teams, and characters.
We’re excited to announce a Series A raise of $50M at a $333M Valuation. The fundraising came from DIGITAL, a metaverse fund founded by Steve Cohen, Mark Daniel and Benjamin Milstein. We have had the pleasure to get very close to the DIGITAL team — it is incredible how much insight and thoughtfulness they have around this nascent space. We are proud to have them as teammates and partners on this journey ahead.
Previous investors include Defi Alliance, Courtside VC, Volt Capital, Joe Lubin, The Winklevoss Twins, Gary Vaynerchuk, Scott Belsky, Hashed, Nascent, Delphi Ventures, JST Capital, Divergence, 640 Oxford, IOSG, CMT Digital, David Choi, Jason Derulo, Scott Lewis and Chris Hermida.
A new renaissance is upon us.
Original ownership and scarcity are hard to define in the current digital landscape online, making it hard to value digital assets. NFTs are a paradigm shift for digital ownership and collectibility. They are digital assets/products/artworks/anything that have verifiable ownership, embedded scarcity that cannot be manipulated, and they provide real value that are interoperable and useful in real and digital realms. NFTs also empower artists and creatives in a way that was never before possible. Artists, for the first time ever get to enjoy all of the successes of their works and the communities that are formed around them. This will change the dynamic in the creative world. We are so excited to see more artists enter this space and innovate in the metaverse.
At RECUR, we imagine a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. We want fans to own pieces of the stories and IPs they love, with real value retained across any future chain. Further, we see a future where the standard for a decentralized RECUR-ing royalty is embedded, giving the creator due credit as assets are exchanged over and over again….forever.
The Future of Commerce is the Metaverse
Identity is the first thing that arrives in the metaverse. We have been identifying ourselves with avatars for many years now. Next up? Our things. The things we buy, the things we use, and the things we collect.
At RECUR, we consider NFTs to be a foundational layer of the long-awaited metaverse. NFTs are the things we collect. They are the things we will socialize around. And thanks to blockchain technology all of this is possible in the digital world for the first time.
The future is closer than we think
While talks of the metaverse might seem like its tens of years away- that couldn’t be further from the truth. The largest firms, studios, and artists are all coming. Even more exciting to us though, the world’s best talent is running to join this movement to build out the metaverse.
We’ve worked to build a world-class team across:
- Blockchain engineering
- Game design & engagement
- Creative & storytelling
- And more
We are beyond proud to have assembled such a special team. Over the past 6 months our RECUR community has formed strong friendships, trust, and continues to have a whole lot of fun. We are continuing to hire and are excited to welcome more folks — Join us!
So much is yet to come.
To everyone on this journey with us — our incredible team, our investors, our families — Thank you! We are honored to continue to lead the way in creating the future with you.
Let the games begin! 🚀
Zach Bruch and Trevor George