Bored Ape Yacht Club Creator Reportedly in Investment Talks With a16z
The potential investment is said to value Yuga Labs at up to $5 billion.
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Venture capital firm Andreessen Horowitz is rumored to be in investment talks with Yuga Labs, the team behind Bored Ape Yacht Club.
Investor Takes Interest in Bored Apes
Yuga Labs is rumored to be seeking investment from Andreessen Horowitz.
In an article from the Financial Times Thursday, undisclosed sources corroborated rumors that the Bored Ape Yacht Club creator is raising funds from venture capital firms. The sources stated that California-based Andreessen Horowitz is one of several companies looking to take a multi-million dollar stake in Yuga Labs.
According to the same sources, Andreessen Horowitz’s investment would value Yuga Labs at between $4 and $5 billion. The same figure was cited in previous funding rumors circulated by influencer NFT Nick on The Nifty Alpha podcast almost a week prior.
Andreessen Horowitz is one of the best performing venture capital firms in the U.S., and was an early investor in several top performing tech companies such as Facebook, Twitter, and Airbnb. However, more recently the firm has turned towards crypto investments, taking major stakes in crypto exchange Coinbase and NFT marketplace OpenSea.
The fact that the Bored Ape Yacht Club funding rumors have been published by a major publication adds credence to their authenticity; however, no official source has confirmed them at this time. Previous rumors from Twitter user rdm41 stating that Yuga Labs would offer a stake in the company through an APE token offering were not mentioned by the Financial Time’s sources. Whether Yuga Labs is looking to raise funds through a traditional equity offering or some other means remains to be seen.
Yuga Labs had not responded to Crypto Briefing’s request for comment at press time.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.