Bored Apes NFT Startup, Yuga Labs Raises $450 Million as Valuation Hits $4 Billion

• Yuga Labs, the creators of viral NFT collection, Bored Apes has raised a $450 million round for a valuation of $4 billion

• The company announced the funding from Andreesen Horowitz on Tuesday as it continues to expand into the NFT market

• This comes after the startup acquired the assets of NFT projects, CryptoPunks and Meebits from Larva Labs and launched its token, ApeCoin this month

Yuga Labs, the brand behind the world’s most popular NFTs collection, Bored Ape Yacht Club (BAYC) has announced a $450 million round from Andreessen Horowitz, taking its valuation to $4 billion on Tuesday.

This is the first raised funding for the Miami-based tech company even though it has generated a lot of attention since the launch of its projects.

The funding was also supported by investors such as Animoca Brands, LionTree, Sound Ventures, Thrive Capital, FTX, and MoonPay.

The investment funding follows a month of great success for Yuga Labs. It comes after the company announced that it had acquired the assets of rival NFT projects, CryptoPunks and Meebits from Larva Labs.

The startup also took its development a step further when it launched ApeCoin, the crypto token of the Bored Apes and Mutant Apes NFTs.  Within its first day of launch, the token had already gathered a multibillion-dollar market cap, ranking below 40 on CoinMarketCap’s list.

Just on Monday, the creators revealed plans to go a step further with the launch of a metaverse called “OtherSide”. This metaverse will integrate avatars from several other NFT projects as well as projects of Yuga Labs.

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