Azuki NFT creator closes in on a US$30M Series A fundraising

If the funding round closes, it will bring Azuki’s valuation to US$704 million.
September 23, 2022 - Cynthia Chung

Creator of Azuki NFT Collection, Chiru Labs, is closing in on a US$30M Series A fundraising. 


According to The Block, sources familiar with the fundraising efforts revealed that a majority of the funds are already committed and that the round, if closed, would value Chiru Labs at between US$ 300 million and US$ 400 million.


However, Chiru nor the project’s pseudonymous founder Zagabond provided their comments or any response to the matter. 


The news followed Doodles NFTs’ US$54M in a Series A funding round, which brought the project’s valuation to US$704 million. 


Back in August 30, Proof Collective, the startup behind Moonbirds, raised US$50 million while  Bored Ape Yacht Club creator Yuga Labs, which raised $450 million in a round led by a16z in March, valuing the startup at a staggering US$4 billion.


About Azuki


Azukis are a collection of 10,000 anime characters depicted in different moods and poses and clad in accessories like hats and weapons. 


Around six months ago, a rare set sold for 420 ETH, which at the time was more than a million US dollars. Based on data from OpenSea, the cheapest Azukis are now worth about 11.2 ETH, or about US$ 14,000.


The popularity of the NFTs even reached the most influential players in crypto.  Arthur Cheong, founder of the web3 investment firm DeFiance Capital, boasts a rare Azuki NFT on his Twitter profile. Similarly, Adrian Cheng, a real estate mogul and billionaire in Hong Kong, recently bought 101 Azuki NFTs. Cheng is currently trying to raise US$200 million to put into the cryptocurrency market, according to Bloomberg.


Photo: Azuki


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