Magic Eden, an NFT marketplace on Solana, raises $130m in a Series B round co-led by Electric Capital and Greylock

The NFT marketplace is now valued at $1.6 billion. Paradigm, Sequoia Capital and Lightspeed Venture Partners also participated in the round.

Jun 23, 2022
by Dragan
Magic Eden, an NFT marketplace on Solana, raises $130m in a Series B round co-led by Electric Capital and Greylock
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Magic Eden, one of the biggest NFT marketplaces on the Solana network, has managed to successfully raise $130 million at a valuation of $1.6 billion.

The Series B round was co-led by Electric Capital and Greylock, with Paradigm, Sequoia Capital and Lightspeed Venture Partners also participating.

The CEO and co-founder of Magic Eden, Jack Lu, said the following in a press release:

"We know that NFTs are the best way to bring people onto the blockchain. NFTs are exciting, social, and cultural experiences that bring connectivity to the world. Since our inception, we've made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry. The best part is that we're just getting started."

The newly-secured funds will be invested into the team, into expanding "the Company's primary and secondary marketplaces," exploring “multi-chain opportunities,” and into providing better trading tools, insights and analytics for an overall improved user experience.

Mike Duboe, Partner at Greylock, commented: 

"Magic Eden is one of those top 1% teams that is just firing on all cylinders — product execution, community growth, transaction volume — and the velocity in less than one year of existence has been exceptional. We believe Magic Eden is the most interesting and durable offering for creators and collectors alike — from its primary NFT launchpad, to its embedded marketplace API empowering projects to host their own secondary transactions. The team listens and lives with its communities, and it shows in the product, metrics, and feedback."

More than 40k NFTs are traded daily on the marketplace, while boasting an average of 22 million unique sessions per month.

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