NFTPort, an Estonian startup creating crypto infrastructure for developers, has raised $26 million in a Series A round. The financing was led by Atomico and Taavet+Sten, two European companies. Accordingly, NFTPort will use the funds to enhance its key API products while scaling the platform.
Who Invested $26M in NFTPort’s Series A Round?
NFTPort, an Estonian startup founded less than a year ago, raised $26 million in a Series A round. The team announced the news on June 15 on their blog.
According to CEO Johannes Tammekänd, the financing round was led by Atomico and Taavet+Sten. Atomico is a European venture capital firm, while Taavet+Sten is an investment group founded by Wise co-founder Taavet Hinrikus and Sten Tamkivi, founder of Teleport.
In fact, Sten Tamkivi will be joining the NFTPort team as a co-founder. Rain Johanson, former CTO of transportation company Bolt, was also a partner in the group as co-founder.
The list of investors includes Protocol Labs, Polygon’s Jaynti Kanani, Sparkle Ventures and Polkadot’s Jutta Steiner.
How will the startup use the funds?
Accordingly, the company’s core goal is to scale the existing infrastructure. Currently, more than 30,000 development teams use the NFTPort platform – including Nifty Gateway and Protocol Labs.
Second, the team aims to create “the best NFT infra experience for web2 and web3 developers”. Therefore, the platform could become compatible with multiple chains.
In order to achieve these goals, Managing Director Johannes Tammekänd will also expand the team. In fact, the company will grow from (today) 18 employees to over 50 employees.
Overall, the NFTPort startup wants to provide a decentralized NFT-focused protocol to improve the Web3 experience of developers.
What is NFTPort?
Founded in 2021, NFTPort is a provider of NFT infrastructure and API products for developers. Currently, the platform offers three main digital elements:
- Data APIs – Enable developers to quickly consume NFT data from multiple blockchains;
- Minting APIs – Supporting developers to create smart NFT contracts without coding;
- User Security APIs – double checking the previous minting processes of the NFTs.
“Our infrastructure enables developers and enterprises to get their NFT applications to market in hours or days instead of months, saving hundreds of thousands of dollars,” explained Tammekänd.
In summary, NFTPort is among the most promising NFT-related startups of the season. Thanks to the $26 million Series A funding round, the team will expand — and enhance — its platform for a frictionless developer experience.
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