Web3 infrastructure startup raises  million

Web3 infrastructure startup raises $26 million

Web3 infrastructure startup raises  million

  • A startup calling itself a “Stripe for NFTs” has raised $26 million in fresh money.
  • Estonia-based NFTPort builds a suite of Web3 API tools for developers.
  • Check out the 20-slide pitch deck that NFTPort used to raise the new capital.

A startup calling itself a “Stripe for NFTs” has raised $26 million in new funds as digital asset valuations continue to fall.

Founded in 2019, Estonia-based NFTPort has built an NFT infrastructure that it claims will enable companies to get their apps to market in hours rather than months. The startup said building NFT apps is now the same as accepting payments before Stripe existed.

NFTPort has developed a number of different APIs that also help create NFTs while also providing access to data sources such as Ethereum and Solana. The Talinn-based company is also touting an API that can help developers deploy new digital assets without having to know Web3 code.

The startup has secured funding against a backdrop of turmoil in the crypto and broader digital asset markets. Bitcoin dropped below $25,000 this week for the first time since December 2020, while Ethereum fell below $1,200.

Johannes Tammekänd, the co-founder and CEO of NFTPort, said he was optimistic about both his startup and the market.

“The industry is still in its infancy and recalling the dotcom boom, which means many projects will fail and thrive, and some of the most iconic companies will be built during this downturn,” he told Insider.

“We’re infrastructure, meaning we’re agnostic to any specific NFT vertical and as long as the industry is intact, we’re doubling down on our commitment.”

Tammekänd added that he didn’t know what the NFT market would look like in “two years less just five years”, but said he did know that the internet will be owned by more users. “This is the first principle we work with.”

The startup has raised its Series A funding from European venture capital fund Atomico, along with Estonian technology giants Taavet+Sten, the investment vehicle for Wise co-founder and former CEO Taavet Hinrikus. Sten Tamkivi, the other half of the partnership, will join NFTPort as a co-founder, while Rain Johanson, former CTO of mobility startup Bolt, will also join the company’s executive team.

NFTPort will use the funding to expand its team to between 50 and 75 people over the next 12 months, in addition to scaling its existing infrastructure offerings and product development. In addition, “a large portion of it will be used to market a decentralized NFT infrastructure protocol, as we believe Web3 will only reach its true potential if it is also built on top of a decentralized infrastructure,” Tammekänd said.

Other investors include Sparkle Ventures, IDEO CoLab Ventures, alongside Polygon co-founder Jaynti Kanani, former Twilio CTO Ott Kaukver, former Coinbase CTO Balaji Srinivasan and Polkadot co-founder Jutta Steiner,

Check out the pitch deck of NFTPort below: