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Wednesday, April 17, 2024
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Cohen-Backed Fund Leads $50M Round in NFT Company Recur

  • NFT company Recur raised $50 million in a round led by Steve Cohen-backed Digital.
  • Recur has an exclusive deal with the Pac-12.
MLB/Design: Alex Brooks

New York Mets owner and hedge fund billionaire Steve Cohen has a new side hustle: He’s joining the board of Recur after his venture fund Digital led the NFT platform’s Series A funding round.

The $50 million round valued Recur at $333 million. The funding will go toward licensing deals, partnerships, and growing Recur’s staff.

The NFT company is making a big push into college sports.

  • Recur has an exclusive partnership with the Pac-12 Conference to produce NFTs of video highlights. The first releases are expected in 2022. 
  • The company said that it will announce additional collegiate partnerships and college athlete collaborations soon.
  • Recur is launching NFTU, a marketplace for college sports highlights.

In March, Recur raised $5 million from the Winklevoss-owned Gemini, Ethereum co-founder Joe Lubin, JST Capital, and Defi Alliance.

In addition to the Mets, Cohen owns Point72 Asset Management, which has over $22 billion in holdings. Cohen’s net worth is currently $16 billion, per Forbes. He bought the Mets for $2.4 billion in September 2020.

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