CryptoKitties Creators Dapper Labs Raise Over $15 Million

Vancouver-based blockchain company Dapper Labs announced the successful raising of over $15 million in fundraising led by Venrock to allow the expansion of the viral blockchain game.

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The CryptoKitties project was backed by leading investors, such as Google Venture, Samsung NEXT and Venrock.

Venrock, a venture capital fund established by the Rockefeller family, led the investment round, followed closely by Google Venture, while Samsung’s NEXT platform came third.

Other investors include eSports leading company aXiomatic, William Morris Endeavor (WME), and the Anderson Horrowitz cultural fund.

The famous project, which has 3.2-million transactions and millions of dollars transacted on the platform, also received funding from its partners WndrCo, the founder and CEO of Reddit Steve Huffman, and Green Bay Ventures.

CryptoKitties focuses on breeding virtual felines – with over 1 million furry animals being raised over the blockchain. Some of the rare cats are being sold for as much as $100,000. The company raised $27,85 million to date.

Dapper Labs’ virtual feline breeding center managed to become so viral, that it clogged the Ethereum blockchain. The $15 million in fundraising will be used for further expansion of the company’s lineup with games and entertainment apps, ultimately becoming what Zynga has become in the social gaming realm, but with the help of blockchain technology.

David Pakman, a General Partner at Venrock, who now is part of Dapper Labs' Board of Directors, said that Dapper Labs vision was impressive, as the company is one of the few in the industry that managed to truly understand and aim to reach the mainstream consumer, achieving excellent mass adoption rates.

He added: "The blockchain will usher in an industry of scarce digital assets and will enable new types of self-expression. Combined with the transition from centralized to peer-to-peer commerce, this will unlock trillions of dollars in value for consumers."

According to Dapper Labs’ CEO, Roham Gharegozolu, CryptoKitties shows the blueprints for the second wave of blockchain mass adoption, because trading with cryptocurrencies is limited to buying and selling virtual cash, but buying and selling goods is another matter – much bigger in potential market value.

Gharegozolu believes blockchain will change the way society sees and interacts within itself, just like mobile phones, the Internet and social networks did it a decade ago.

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