-
Crypto VCs Sanctor Capital and GBV led the funding round
-
The Manchester startup plans to use the funds to innovate and build an NFT platform that enables democratic access and use for artists and collectors.
KnownOrigin, the UK-based NFT platform, has raised $4.85 million in a Series A funding round, the startup said in a press release shared with CoinJournal.
Venture capital firms GBV and Sanctor Capital led the round, with participation from D1 Ventures, Cultur3 Capital, LD Capital, MetaCartel Ventures DAO and Pluto Digital. The round also drew support from Future Arts, Yin Cao and Colborn.
KnownOrigin (KO) is an established NFT marketplace co-founded in 2018 by David Moore, Andy Gray and James Morgan. Over the years the platform has promoted a more democratic art ecosystem by enabling artists to showcase and sell digital artworks through simplified transaction processes.
The Manchester-based startup plans to reinvest the new capital into its digital art marketplace, aiming to ensure creators continue to benefit from emerging technologies such as Web3 and the Metaverse.
Partnerships include Netflix and Adidas
According to co-founder James Morgan, the $4.85 million will help the company grow, innovate and build an ecosystem that benefits the broader NFT space.
To reach those goals, the KnownOrigin team sought investment and expertise from prominent crypto investors and blockchain innovators in the NFT sector. The company has also formed partnerships with major brands including streaming giant Netflix, European sportswear leader Adidas, and American software company Adobe.
Commenting on the investment, Morgan said the aim is to provide “a permissionless, transparent, fair and flourishing ecosystem where creators and collectors can engage in cultural excellence and experience.”
Bringing NFTs to the community
KnownOrigin hosts more than 5,000 creators on its platform, with sales exceeding $30 million in the past year alone, driven by a growing global market of NFT collectors.
Beyond providing an ecosystem that prioritizes NFT creators and artists, KO has developed a new royalty system that enables artists to receive royalties immediately after each sale.
The company’s efforts extend beyond platform participants, the team noted in the press release. KnownOrigin has worked to bring the NFT world to the Manchester community through events that feature both local and international NFT talent.