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Funding round comes during downturn that’s hit crypto startups
Source: Magic Eden
Lizette Chapman
Magic Eden, a marketplace for nonfungible tokens on the Solana blockchain, saw its valuation surge in a fresh funding round despite a slowdown in private investing and a cratering cryptocurrency market.
Investors have plowed a fresh $130 million into the startup at a $1.6 billion valuation – a roughly tenfold valuation increase since March, according to Avichal Garg, managing partner at Electric Capital and an investor in both rounds. Although that’s a startling pop even by boom-time standards, Garg said he invested because he believes the company will ultimately be worth much more.
