UK-based non-fungible token (NFT) platform KnownOrigin has raised $4.85 million in its series A funding round the startup said in a press release shared with CoinJournal.
Venture capital firms GBV and Sanctor Capital co-led the financing round, with participation from D1 Ventures, Cultur3 Capital, LD Capital, MetaCartel Ventures DAO, and Pluto Digital. The round also attracted support from Future Arts, Yin Cao and Colborn.
KnownOrigin ‘KO’ is a pioneer NFT platform, co-founded in 2018 by David Moore, Andy Gray and James Morgan. The platform has over the years allowed for a democratised art world where artists showcase and sell their digital artwork via simplified transaction processes.
The Manchester-based startup plans to use the new funds to reinvest in its NFT digital art marketplace, with the aim of ensuring creatives continue to benefit from new technologies in the space like Web 3 and Metaverse.
According to co-founder James Morgan, the $4.85 million will help the startup to grow, innovate and to build an ecosystem that will benefit the broader NFT space.
To help achieve these goals, the KnownOrigin team has looked for investment and expertise from prominent crypto investors and blockchain innovators in the NFT space. It has also partnered with top brands such as streaming giant Netflix, Europe’s largest sportswear firm Adidas and US-based computer software company Adobe.
Commenting on the investment, co-founder Morgan said the aim is to offer “a permissionless, transparent, fair thriving ecosystem where creators and collectors can engage in culture excellence and experience.”
KnownOrigin has over 5000 creators on its platform, with sales of over $30 million in the past year alone netted from a growing market of NFT collectors from across the world.
As well as providing an ecosystem that favours NFT creators and artists, KO has built a new royalties system that allows artists to receive royalties instantly after every sale.
But their work does not end with the platform participants, the team noted in the press announcement. The startup has sought to bring the NFT world to the Manchester community, including events that feature both local and global NFT talent.