Orange Comet, a Web3 startup focused on non-fungible tokens (NFT) and metaverse experiences for the entertainment industry, has raised $7 million in an equity funding round that included a mix of existing and new investors, a spokesperson told CoinDesk. The company expects to launch a larger capital round later this year.

The funding round was revealed in a Feb. 23 filing with the U.S. Securities and Exchange Commission (SEC), which showed that Orange Comet had raised $7,243,539 of a $20 million target through a sale of equity and securities.

Los Angeles-based Orange Comet creates technology and content that create Web3 ecosystems in gaming, digital collectibles and other experiences built around notable entertainment-related intellectual properties. Past partnerships have included actor Anthony Hopkins, National Basketball Association (NBA) Hall of Famer Scottie Pippen, and the hit television show “The Walking Dead.”

“Orange Comet is creating unprecedented ecosystems and driving fan engagement in ways never imagined in the world of Web3,” said President Will Meris in an emailed statement to CoinDesk. “This financing will help us execute on a number of important and exciting initiatives, as we continue to deliver new technology and dynamic content to the market.”

Orange Comet was co-founded in 2021 by television and film producer Dave Broome, National Football League (NFL) Hall of Famer Kurt Warner, and musicians Gloria and Emilio Estefan.

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