Dapper Labs, the firm behind CryptoKitties, has raised $11.2 million in a new round of financing from investors including Andreessen Horowitz, Digital Currency Group, and Warner Music Group, according to a Forbes report. The new round of financing will be used to build out Dapper Labs' new blockchain, Flow. Dapper Labs has raised $39.2 million to date.
Investors in this new funding round will receive an equity stake in Dapper Labs, with an option to convert their stakes into Flow's native token once the firm has received SEC approval. According to Dapper Labs, Flow is built as a "developer-friendly blockchain... to support the next generation of games, apps, and...digital assets."
“Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real time around the world,” says Dapper Labs CEO Roham Gharegozlou.
Dapper Labs is also exploring use cases for Flow through their partnerships with Warner Music and Ubisoft, the game development firm. According to Warner Music senior vice president of business development Jeff Bronikowski, the music giant is looking for ways to create unique tradable merchandise featuring its roster of talent including Cardi B and Bruno Mars. Bronikowski adds that “We think that as people spend more time crafting their persona in the digital realm, digital goods and collectibles is a great way to express that fandom.”
With Ubisoft, Dapper Labs announced it is developing a race car game in which unique cars can be traded between players.