Magic Eden Closes $130M Series B Round Co-Led by Electric Capital and Greylock at $1.6B Valuation

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Jun 21, 2022, 08:00 ET

Funds will be used to expand its primary and secondary marketplace and explore multi-chain opportunities

SAN FRANCISCO, June 21, 2022 /PRNewswire/ -- Magic Eden ("the Company"), the leading community-centric NFT marketplace, today announced the closing of a $130 million Series B funding round co-led by Electric Capital and Greylock, valuing the Company at $1.6 billion. Lightspeed Venture Partners also joins the round as a new anchor investor. Other participants include previous investors Paradigm and Sequoia Capital.

Funds from the Series B will be used to expand the Company's primary and secondary marketplaces, explore multi-chain opportunities, invest in the team as well as technology to enhance the user experience through improved insights, analytics, and trading tools. Magic Eden's goal is to define the future of NFTs by supporting the next generation of digital creators and introducing the next billion users to web3. Since its inception in September 2021, Magic Eden has become the leading platform for users looking to create, discover, and collect unique NFTs. The marketplace receives an average of 22 million unique sessions per month and sees over 40,000 NFTs traded daily.

Jack Lu, CEO and co-founder of Magic Eden, commented on the news, "We know that NFTs are the best way to bring people onto the blockchain. NFTs are exciting, social, and cultural experiences that bring connectivity to the world. Since our inception, we've made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry. The best part is that we're just getting started."

Magic Eden's Launchpad is the leading primary NFT marketplace, with success in launching over 250 projects to date. Magic Eden offers ultimate customization, marketing support, and operational execution to new NFT collections coming onto the primary market. Complementing Launchpad is Magic Eden's active secondary NFT market, which allows creators and collectors alike to access added liquidity and gain entry to a wide breadth of NFT projects. The Company's secondary market covers over 7,000 listed collections and sees over 92% of all NFT volume on Solana. Magic Eden will also further its investments in partnerships with creators and brands to bring exciting drops and cultural moments to the platform.

As the host of a community-centric marketplace, Magic Eden will continuously invest in its relationships with top-tier collections to support their growth, including integration of their Solana Program Library (SPL) tokens for both minting and secondary sales, and the development of whitelabel marketplaces for collections and games such as Okay Bears, Mini Royale Nations, Genopets, and a marketplace partnership with Aurory. Magic Eden's team will also play an active role in category development and expansion, such as gaming. Since introducing Eden Games, a games discovery portal, in March 2022, Magic Eden has launched 50+ games and metaverse projects and seen 90% of all gaming NFT volume on Solana traded on its marketplace.

Zhuoxun Yin, COO and co-founder of Magic Eden, concluded "At Magic Eden, we take pride in building innovative products that are taken from our passionate community. We were the first to innovate in a number of areas: such as pairing NFT minting capabilities via Launchpad with a secondary marketplace, embedding gameplay with NFT games directly on the platform, and creating a Decentralized Autonomous Organization (DAO) to empower greater involvement within the Magic Eden community. We're thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond."

Investor Quotes

Mike Duboe, Partner at Greylock, said, "Magic Eden is one of those top 1% teams that is just firing on all cylinders — product execution, community growth, transaction volume — and the velocity in less than one year of existence has been exceptional. We believe Magic Eden is the most interesting and durable offering for creators and collectors alike — from its primary NFT launchpad, to its embedded marketplace API empowering projects to host their own secondary transactions. The team listens and lives with its communities, and it shows in the product, metrics, and feedback."

Avichal Garg, Co-founder and Managing Partner at Electric, commented, "Magic Eden's ability to keep pace and drive innovation in a rapidly evolving NFT market is extremely impressive. They are one of the fastest moving and most user-centric companies in Web3. The team anticipates ecosystem pain points and is able to address them through thoughtful, user-centric solutions. Platform enhancements are community-tested and shipped at an unparalleled speed — which has enabled the company to earn an active and sticky user base. We are excited to support Magic Eden as it continues to iterate and scale."

Ravi Mhatre, Founding Partner at Lightspeed commented, “Magic Eden was founded with a ‘Creators and Community-First’ principle in mind. The team has truly built one of the most feature-rich experiences and continues to move fast with the exponentially growing NFT ecosystem. Working closely with artists, collections, and game developers, Magic Eden is leading the frontier for next generation Web3 application adoption across the masses. We are excited to be joining the round to support Magic Eden’s continued innovation and growth.”

About Magic Eden
Magic Eden is the leading community-centric NFT marketplace driving the next billion users to Web3. Led by former crypto, tech, and hospitality leaders, Magic Eden is building a user-friendly platform powered by market-leading minting and trading solutions. Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. For more information, please visit www.magiceden.io

Media Contact
Peter Padovano
M Group Strategic Communications (on behalf of Magic Eden)
646-859-5953
[email protected]

SOURCE Magic Eden