Singapore-based cricket NFT startup Rario raised USD 120 million in a Series A funding round on April 21, 2022. Dream Capital, the corporate venture capital and M&A arm of Dream Sports, led the funding for Rario.
Meanwhile, Alpha Wave Global, previously known as Falcon Edge Capital, participated in the round. Besides, existing investors Animoca Brands, Presight Capital, and Kingsway Capital also invested in the platform.
Purpose of Funding for Rario
The recent investment will give Rario access to 140 million users of Dream Capital’s user base. This, in turn, will help Rario potentially create the largest cricket NFT platform globally.
The funding marks Dream Capital’s first foray into the Web3 space. It is also the Gaming startup’s largest cheque so far in a startup.
Through its various partnerships, the platform procured NFT rights to six international leagues and more than 900 international cricketers. Rario also signed one of the world’s largest cricket NFT deals, a multi-year exclusive partnership with Cricket Australia and the Australian Cricketers’ Association to create an Australian cricket metaverse of collectibles and gaming.
What the founders have to say
“Cricket is the 2nd largest sport in the world with more than 1.5 billion fans globally. NFTs are creating new forms of engagement, allowing fans to own and trade digital collectibles. Rario’s global cricket NFT ecosystem will be further strengthened by the 140 million sports fans on Dream Sports,” said Ankit Wadhwa, co-founder and CEO of Rario.
“What this enables for us is exclusive and broad-based access to not just video moment NFTs, but players’ rights as well. Players who are playing for the national teams and domestic tournaments are also part of this ecosystem. Therefore, what you will see with our rights is we have the ability to create a utility with several interoperable games. So, the same player cards can be used across various games. I see this as the first instance where the true utility of NFTs will be demonstrated to the whole world. Rario plans to be within the regulatory constraints of whichever geography we operate in. So, we are building for a fiat-only (currency only) environment in India,” he further said.
What the investor has to say
“DreamCap is glad to partner with Rario to help sports fans engage deeper with their favourite players and teams. Web3 use cases in sports are transformational, and we are looking to back more startups in the space globally with innovative utilities of NFTs,” said Dev Bajaj, Chief Strategy Officer, Dream Sports.
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