Venture capital firm Andreessen Horowitz is rumored to be in investment talks with Yuga Labs, the team behind Bored Ape Yacht Club.
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Yuga Labs is rumored to be seeking investment from Andreessen Horowitz.
In an article in Thursday's Financial Times, undisclosed sources confirmed rumors that the creators of the Bored Ape Yacht Club are raising money from venture capital firms. California-based Andreessen Horowitz is one of several firms looking to acquire a multi-million dollar stake in Yuga Labs, the sources said.
According to the same source, Andreessen Horowitz's investment would value Yuga Labs at between $400 and $5 billion. The same figure was cited in a previous funding rumor spread by influencer NFT Nick on the Nifty Alpha podcast nearly a week ago.
Andreessen Horowitz is one of the top performing venture capital firms in the US and was an early investor in several of the best performing technology companies such as Facebook, Twitter and Airbnb. Recently, however, the firm has moved into cryptocurrency investing, with major stakes in cryptocurrency exchange Coinbase and NFT marketplace OpenSea.
The fact that the Bored Ape Yacht Club funding rumors have been published by major publications adds credence to their veracity; however, no official sources have confirmed them at this time. Previous rumors from Twitter user rdm41 that Yuga Labs would offer shares in the company through an APE token offering were not mentioned by the FT's sources. It remains to be seen whether Yuga Labs hopes to raise funds through a traditional equity offering or other means.
At press time, Yuga Labs did not respond to a request for comment from Cryptocurrency Briefing.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.