Just recently, Recur has made an announcement in regards to hitting a new valuation. The firm has announced that its market valuation has experienced a swelling, which has brought its valuation all the way up to $333 million. Recur is a major non-fungible token (NFT) company that is gathering a lot of attention from the cryptocurrency sector.
Recur has confirmed that it has experienced a rise in its valuation as a result of the investment round. The firm has revealed that the particular funding round was endorsed by the family office of Steven Cohen, a prominent billionaire.
According to an executive at Recur, it was the first-ever funding round that was carried out by Recur. The firm reportedly carried out a funding round, which was considered a “Series A Funding” round. From the particular Series A Funding Round, the firm successfully generated funds worth $50 million.
The firm has revealed that in the particular funding round, the largest investment was made through Digital, which is an investment platform backed by Steven Cohen. Recur has revealed that the investors who had previously participated in its initial coin offering (ICO). The names of these firms were reportedly Delphi Ventures, JST Capital, CMT Digital, Gemini, and Hashed.
Recur has announced that with the help of the generated funds, it will initiate its developments for the go-to-market strategy that the firm has planned. The firm has revealed that it plans on building a strong team by hiring more than 150 employees. This would ensure that the platform has the right amount of people to support and provide assistance to more users it expects to cater to.
Furthermore, Recur will be proceeding with the introduction of several products and services for the users. Recur will bring in more brand experiences to the users. In addition, Recur will also be introducing a new platform for non-fungible tokens (NFT). The platform has announced that the name of the new platform for the non-fungible tokens is NFTU.com.
It was back in March of 2021 when Recur aimed at dealing with all the challenges and problems it faced in the non-fungible token sector. Therefore, it went ahead with raising a decent figure of $5 million in order to address such matters. One of the major challenges faced with the non-fungible token sector was the method of paying the artists for their work.
In addition to the funding round, Recur also went ahead with forming several partnerships with many companies. The firm has announced that it has formed partnerships with firms such as CLC and Veritone. These are some of the largest companies known for trademark licensing in the United States. The firm has announced that Veritone will be responsible for licensing the Pac-12 non-fungible tokens Recur creates.