NFT-focused media distribution platform Pinata has raised a total of $21.5 million from Pantera Capital, Greylock and other investors.

BIG NEWS 🚨

We are excited to announce the $21.5 million increase jointly driven by @GreylockVC, @PanteraBaskent+ @OfflineVC!

We’re about to start mixing things up.

Read more in this great piece @techcrunch‘s @jacqmelinek: https://t.co/WzqNRQl3FH

— Pinata 🎉 (@pinatacloud) August 9, 2022

According to Kyle Tut, co-founder and CEO of Pinata, the $18 million Series A and $3.5 million startup rounds were led by Pantera Capital, Greylock and Offline Ventures, with participation from Volt Capital, OpenSea and Alchemy.

The company provides an infrastructure based on the IPFS protocol to build and support NFT markets, metaversions, Web3 applications and other crypto projects.

The platform allows you to manage and monetize media files on a wide variety of blockchains including Ethereum, Solana, Polygon, Avalanche and Algorand.

“Today, we see NFT creators pretending to be their own apps. “Many of them want to provide content to millions of people like YouTube or TikTok, but they don’t have the opportunity yet,” he said.

The company’s clients include a number of well-known industry players, including OpenSea, DraftKings, Protocol Labs and Yuga Labs. Tut noted that the total number of platform users reached 240,000.

Pinata, the company’s CEO, will direct funding to increase the team and improve infrastructure so that the company’s CEO will be “faster, more stable and able to support the next generation of NFT.”

Recall that in the first half of the year, the volume of venture investments in the blockchain industry exceeded $ 30 billion.

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