June 15, 2022
By Murtuza Merchant
NFTPort, an Estonian startup that creates crypto infrastructure for developers, raised $26M in a Series A round.
The funding was led by Atomico and Taavet+Sten, two European companies.
Accordingly, NFTPort will use the funds to improve its key API products while scaling the platform.
Who invested $26M in NFTPort’s Series A Round?
NFTPort, an Estonian startup founded less than a year ago, raised $26M in a Series A Round. The team revealed the news on June 15th on their blog.
According to the group’s CEO Johannes Tammekänd, the funding round was led by Atomico and Taavet+Sten. Atomico is a European venture capital company, while Taavet+Sten is an investment group created by the Wise co-founder Taavet Hinrikus and Sten Tamkivi, who founded Teleport.
In fact, Sten Tamkivi will join the NFTPort team as a co-founder. Rain Johanson, the former CTO of the transportation company Bolt, also partnered with the group as co-founder.
The investors’ list also includes Protocol Labs, Polygon’s Jaynti Kanani, Sparkle Ventures, and Jutta Steiner from Polkadot, among others.
How will the startup use the funding?
Accordingly, the company’s core goal is to scale its existing infrastructure. Right now, more than 30,000 developer teams use the NFTPort platform – including Nifty Gateway and Protocol Labs.
Secondly, the team aims to create “the best NFT infra experience for Web2 and Web3 developers.” Therefore, the platform might become compatible with multiple chains.
In order to achieve these goals, the CEO Johannes Tammekänd will expand the team too. In fact, the company will grow from 18 people (today) to over 50 employees.
Overall, the NFTPort startup wants to provide a decentralized NFT-focused protocol to improve developers’ Web3 experience.
“Our infrastructure enables developers and companies to bring to market their NFT applications in hours or days, instead of months and thus save hundreds of thousands of dollars,” Tammekänd explained.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.