A16z Leads $50M Round for VeeFriends NFT Project

NFT project VeeFriends has closed a $50 million seed round led by a16z. The funds raised will be used to support building the future intellectual property of the 283 VeeFriends characters, scale the team, and fuel expansion plans for its creative, technical and experiential operations.

Gary Vaynerchuk
VeeFriends, Gary Vaynerchuk’s NFT project that provides online and in-person community events

The capital will also be used to recruit the best talent from the entertainment and Web3 industries.

Last year, the prominent NFT developer and investor soared to the highest ranks of NFT kingpins after making $90 million in 90 days.

Gary Vee, as he is known in the NFT world, has since gone on to collaborate with large multinational businesses, with his characteristic NFT characters, VeeFriends, gaining popularity.

After leading the NFT project’s massive seed round, a16z, one of the premier venture capital firms aiding the transition from web2 to web3, has now joined VeeFriend’s increasing portfolio of partnerships.

VeeFriends Closes Seed Round from a16z crypto

Commenting on his company’s investment in VeeFriends, Chris Lyons wrote “Not only is Vee Friends an exciting NFT project, but it also provides offline and in-person utility through curated experiences like VeeCon, which brought over 7,000 NFT ticket holders together for a week of informative conversations on web3, live music, and networking. VeeFriends represents the ethos of entrepreneurship, and we’re humbled by the opportunity to support Gary and the VeeFriends community on this journey.”

VeeFriends’ fundraising comes despite the challenges created by the crypto winter. While market activity indicates a declining appetite for NFTs and other crypto instruments, venture capital activity suggests otherwise.

About a16z crypto

a16z crypto backs bold entrepreneurs building the next internet. With more than $7.6 billion raised across four funds, the a16z crypto fund invests in web3 companies and protocols, from early seed-stage projects to fully-developed networks. Its crypto-native team supports founders and the growth of web3 through its research organization, engineering and security teams, legal and regulatory teams, go-to-market expertise, recruiting services, educational content, and more.