- NFT-based media distribution platform, Pinata, generated $21.5 million in funding.
- Pinata’s user base has grown from 104,000 to beyond 240,000 since January.
- The platform is focused on offering content for NFT projects based on media and content creation.
Pinata has generated $21.5 million in funding, which also happens to be the only money the platform has ever raised.
Co-founder and CEO of Pinata, Kyle Tut, shared that the capital is a result of $18 million Series A, which was closed recently and a $3.5 million seed round in 2021. Greylock and Pantera co-led the Series A. OpenSea, Volt Capital, and Alchemy are among other investors.
HUGE NEWS 🚨— Pinata 🎉 (@pinatacloud) August 9, 2022
We are thrilled to announce our $21.5M raise co-led by @GreylockVC, @PanteraCapital, + @OfflineVC!
We’re about to start cranking things up.
Read more in this great piece from @techcrunch’s @jacqmelinek: https://t.co/WzqNRQl3FH
Pinata offers media infrastructure along with support for metaverses, NFT marketplaces, web3 apps, and various other crypto projects. The platform works in users’ interest and enables them to handle, share and capitalize the media on blockchains like Ethereum, Avalanche, Solana, Algorand, and Polygon.
Tut said they power a major part of web3 and some very influential personalities ranging from software engineers to non-tech creators use their services.
During the last year, an increase of 42 times was experienced by Pinata in its revenue. The number of users also increased to about 131%. Big names like DraftKings, Yuga Labs, Protocol Labs, and OpenSea rely on the platform.
Tut further said that they strive to provide content to millions of people.
Budding creators as well as enterprises, both are supported equally by the platform in terms of storing, handling, and creating increased functionality, as told by Mike Duboe, partner at Greylock.
He also added that nowadays, NFT activities are based on static jpeg files; however, interesting apps on NFTs have media with detailed functionality.
Pinata is looking forward to serving content for NFT projects interested in building content and media. The funds will be utilized for team expansion and infrastructure enhancement with a goal to power the upcoming NFTs generation.
Tut added that the future appears to be full-blown applications. NFTs will turn out to be a lot more than what people know as of now.
Pinata is all set to provide community creators everything from video streaming to media distribution and more.
From storage, media distribution, submarining to image optimization + video streaming, we're excited to give the creators in the community the power to own your platform— Pinata 🎉 (@pinatacloud) August 9, 2022
Read our blog to learn what this new round of fundraising means for our creators
👉 https://t.co/9MSNA46a5p pic.twitter.com/yRK9lwaX9B
Last month, Today NFT News reported how Unstoppable Domains turned unicorn upon raising $65 million at a $1 billion valuation. The funding was led by Pantera Capital.