Singapore-based NFT platform Rario acquired $120 Million in Funding Led by Dream Capital    

Rario, a Singapore-based cricket NFT platform, has acquired $120 million in funding led by Dream Capital. The Series A fundraising round included Alpha Wave Global as well.

The Singapore-based company, which was founded in 2021, has since evolved to become a major player in the cricket NFT field, recently signing a multi-year exclusive collaboration with Cricket Australia and the Australian Cricketers’ Association to build an Australian cricket metaverse. 

This will be the company’s first official licensing agreement with a national cricket authority.

Collect, trade, and play

Dream Capital’s first investment in Web3 and the ninth firm in its portfolio is the cricket NFT platform.

Rario’s current investors include Animoca Brands, Presight Capital, and Kingsway Capital.

The project has sold over 50,000 NFTs in 20 nations since its launch in 2021, with the United States, United Kingdom, Australia, and India serving as the company’s key markets.

On the Polygon network, Rario is a digital collectibles site for cricket fans. According to the website, members can “collect, trade, and play using legally sanctioned cricket NFTs on the blockchain.” 

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Dream Capital’s First step in  Web3 world

Dream Capital, the corporate venture and M&A arm of fantasy sports giant Dream Sports, has made its first investment in the blockchain and Web3 field with this transaction.

Dream Sports set aside $250 million in August 2021 for Dream Capital to invest in “sports, gaming, and fitness-tech” enterprises with ticket prices ranging from $1 million to $100 million or more. 

Rario is the company’s ninth investment, joining DreamGameStudios, SoStronk, Elevar, FanCode, Fittr, and KheloMore in the portfolio.

“DreamCap is happy to work with Rario to let sports fans engage deeper with their favorite players and teams,” Dream Sports’ Chief Strategy Officer Dev Bajaj said of the venture. 

We are trying to back up additional Web3 use cases in sports since they are transformative.

Rario’s co-founder and CEO, Ankit Wadhwa, said following the Series A round, “Cricket is the second most popular sport in the world, with over 1.5 billion fans worldwide.

NFTs are allowing fans to own and trade digital collectibles, resulting in new forms of involvement. The 140 million sports enthusiasts on Dream Sports will significantly strengthen Rario’s worldwide cricket NFT ecosystem.”

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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