On March 16, 2021, Dapper Labs completed its US$305 million Series 5-A Preferred financing round led by Coatue, Michael Jordan, Kevin Durant, a16z, and more than 30 other NBA and NFL players and Venture Capital firms. Dapper intends to use the funding to expand its marketplace into other sports and to grow the company with new talent. The financing brings Dapper’s total capital raised to $357 million and allows the company to reach Unicorn status, meaning Dapper has received a private valuation of US$1 billion or more.
Dapper Labs is a Vancouver-based software firm specializing in using blockchain technology to create products such as NBA Top Shot, CryptoKitties and Cheeze Wizards.
Coatue is a global investment firm focused on high growth investments in the technology, media and telecommunications space.
Osler, Hoskin & Harcourt LLP advised Coatue with a team consisting of Chad Bayne and Laura Webb (Emerging and High Growth Companies).