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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.