NFT marketplace Magic Eden, launched just nine months ago, has raised $130 million in a Series B round co-led by Electric Capital and Greylock Partners, bringing its valuation to $1.6 billion.
Lightspeed Venture Partners also participated alongside previous investors Paradigm and Sequoia Capital. The round comes just three months after it closed a $27 million Series A in March.
“[This valuation] more than ever validates the industry and market we’re in,” Zhuoxun Yin, COO of Magic Eden, said to TechCrunch. “There’s investor appetite to bet on this market. We’re very bullish on the horizon, there’s a lot to build and most of the use cases are still early, so this gives us an opportunity to build that.”