Manchester NFT start-up raises £3.5million
A Manchester start-up specialising in NFTs (non-fungible token) has secured £3.5m in a Series A Funding Round.
KnownOrigin was launched out of a Manchester basement in 2018 and was one of the first NFT platforms to the market.
GBV and Sanctor Capital led the round as KnownOrigin focused on acquiring investment from Web3 investors in the blockchain and crypto space, as well as NFT collectors “who shared their vision for the NFT space.”
“We approached our funding round with care, seeking out investors who share our vision of helping digital creators monetise their craft,” explained David Moore, Co-Founder of KnownOrigin.
“The £3.5m raised will be reinvested into the business to further support artists in the space going forward”.
Launched out of a Manchester basement in 2018, the company has gone on to work with global companies including Adidas, Netflix and Adobe. In the past year, it has generated more than $30m in sales and has seen a tenfold increase in unique collectors and creators.
“In 2018 we wanted to give creatives a more transparent way to sell their work. Fast forward to today and we’re working with over 5000 creators who are selling NFTs to collectors around the world,” said Andy Gray, KnownOrigin Co-Founder.
James Morgan, third company’s third co-founder explained that the cash would be used to help the company innovate:
“Funding will enable KO to not only grow and innovate but to build the ecosystem we envisage. NFTs have bloomed in the last year and there is danger of pushing space into bad habits that linger from the Web 2 world. We want a permissionless, transparent, fair thriving ecosystem where creators and collectors can engage in culture excellence and experience.”
GBV and Sanctor Capital led the funding, with participation from Cultur3 Capital, D1 Ventures, MetaCartel Ventures DAO, LD Capital, Pluto Digital and leading NFT advocates Future Arts, Colborn and Yin Cao.
“We are incredibly excited about the future of KnownOrigin. David, Andy and James are true missionary founders who really care about the creator community,” said Ilya Abugov, Co-Founder, Partner at Sanctor Capital.
“They understand the challenges in the space and have the vision and technological prowess to make a difference. We can’t wait to see what the team has in store."