Dapper Labs based in Vancouver earned $ 15 million from Google, Samsung, Venrock
While the cryptocurrency market continues its trivial sideways price, CryptoKitties, and its creator, Vancouver, based in Canada Dapper Labs, has continued to see growing interest from outside investors, who seem in love with the company. idea of collectible cats based on Ethereum. For a Bloomberg report, which was published Thursday morning. Google's venture subsidiaries (Alphabet), Samsung and Venrock have thrown millions at Dapper Labs, a spin-off of even Axiom Zen, based in Vancouver, into an unexpected turn of events.
Venrock, an American venture capital firm founded by the Rockefeller family (hence "Venrock"), led the financing round, with Samsung Next and Google Ventures behind the giant VC to collectively invest $ 15 million in Dapper, which is almost exclusively focused on the decentralized CryptoKitties (DApp) application.
It is noteworthy, however, that the initiation of technology has been reluctant to provide the precise specifications of the agreement, potentially indicating that the funding round may not have been cut and dried, or that the company may wish to maintain a veil of secrecy.
Regardless, until now, Dapper has raised over $ 27.9 million in rounds of funding, indicating that many venture capitalists continue to see the promise in the company, which recently facilitated the "reproduction" of its millionth cat based on the blockchain.
Speaking with Bloomberg, Roham Gharegozolou, CEO of Dapper Labs, noted that eventually he would like his technology to be emulated to emulate what Zynga does in the blockchain ecosystem, which is an ambitious hope, especially considering the $ 3.15 billion Zynga on the American stock market.
The executive added that Dapper intends to launch a subsidiary based in Los Angeles, sending part of the startup operations outside of Canada. The branch, which is still under construction, will probably focus on the release of other DApps and smart contracts that could revolutionize the way consumers interact with blockchains, just as CryptoKitties blew up (and subsequently clogged the Ethereum network) at the end 2017.
Speaking of his excitement about the blockchain and his future, Gharegozolou noted:
Everyone thought that CryptoKitties was on the purchase of cats … But it is only the first step in a broader vision. We believe that blockchain will change everyday life for ordinary people. We see it as a new platform in the way social networks were or the way furniture was a few years ago.
Like many early Internet supporters, Gharegozolou seems sure that blockchain technologies are ready to change the world. David Pakman, Venrock's general partner, who probably played a key role in involving the institution in the aforementioned funding round, echoed this sentiment, but with a little more skepticism.
Pakman, who was not afraid to discuss cryptographic resources in the past, told Bloomberg that "cryptographic assets" or collectibles as best known could be the "second wave of blockchain (case of use)" adopted by consumers all over the world, adding that Dapper Labs funding was a "huge opportunity". Pakman, who worked in several American startups, added:
Buying and swapping cryptocurrencies can be fun for some, but the encrypted assets promise to be more fun for the rest of us.
However, he is not convinced that Dapper's last phase of financing was a good idea. Preston Byrne, a bank and London-based lawyer with a weakness for cryptocurrencies, led Twitter to express his displeasure for $ 15 million in funding.
In other words, this is $ 75,208 in VC funding for daily active address (359). https://t.co/MVJaSsLze2
– Preston Byrne (@prestonjbyrne) 1 November 2018
Citing DApp data, Byrne noted that CryptoKitties has only 359 active daily addresses, which means that the funding round amounts to $ 75,208 per address. However, considering what Pakman said, as mentioned above, Vanrock seems to think this is an incredible investment.
Title Image Courtesy of Matheus Queiroz Via Unsplash