NFT Marketplace Platform, Magic Eden secured $130 Million Series B Funding

Magic Eden, a California-based community-centric NFT marketplace, has now secured $130 million in a Series B funding round.

Magic Eden is founded by Jack Lu. It offers the Launchpad NFT marketplace, empowering users across lots of digital communities to create, discover and collect NFTs.

It provides customization, operational execution, and marketing support to new NFT collections coming onto the primary market.

Jack Lu, CEO and co-founder of Magic Eden, said, "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."

Zhuoxun Yin, COO and co-founder of Magic Eden, said, "At Magic Eden, we take pride in building innovative products that are taken from our passionate community. We were the first to innovate in a number of areas: such as pairing NFT minting capabilities via Launchpad with a secondary marketplace, embedding gameplay with NFT games directly on the platform, and creating a Decentralized Autonomous Organization (DAO) to empower greater involvement within the Magic Eden community. We're thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond."

The round, which valued the company at $1.6 billion, was backed by Electric Capital, Lightspeed Venture Partners, and Greylock, which joined as a news anchor investor.

Some other participants include the Sequoia Capital and Paradigm.

The NFT startup, as of now, has plans to use the new funds to expand the marketplaces, explore multi-chain opportunities, and invest in the team as well as the latest technology, to enhance the user experience via improved insights, trading tools and analytics.