Rario, a non-fungible token (NFT) platform for cricket, raised a $120 million Series A round led by Dream Capital, the venture capital arm of fantasy sports platform Dream Sports, to further launch both companies into Web 3.
- With Dream Capital’s investment, Singapore-based Rario can access Dream Sports’ 140 million users, who will be offered fiat-only products in India.
- Dream Capital is partnering with Rario to help sports fans engage deeper with their favorite cricket teams, Dream Sports Chief Strategy Officer Dev Bajaj said in a press release on Thursday. Mumbai-based Dream Sports is looking to back more startups globally in the Web 3 space with innovative utilities of NFTs, Bajaj said.
- Rario is an NFT platform that allows fans to trade officially licensed moments from cricket matches on the blockchain.
- The company, which was founded in 2021, recently signed a partnership with Cricket Australia and the Australian Cricketers’ Association to create an Australian cricket metaverse.
- Alpha Wave Global also participated in the funding round and joined existing investors, gaming company Animoca Brands and venture capital funds Presight Capital and Kingsway Capital.
- Investors have been piling money into India-based cricket NFT platforms. Cricket NFT marketplace FanCraze is raising around $100 million in a Series A funding round Bloomberg reported in March.
CORRECTION (April 21, 9:45 UTC): Corrects Rario's location in first bullet point, removes "Indian" from headline.
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