NFT-startup of two Georgian entrepreneurs, Rarify, has managed to raise $ 12 million in an investment round, with a $ 100 million denomination, from the venture capital company Pantera Capital, one of the first crypto-oriented funds.
Pantera was particularly interested in Rarify software, which simplifies the creation and sale of NFTs.
“Our goal is to simplify this process in much the same way that Square made it easier to receive payments,” said Revaz Tsivtsivadze, co-founder of the company. Rarify believes that in the future they will create software to assess the investment value of NFT, which to this day remains a class of volatile and unregulated assets.
Revaz Tsivtsivadze, a co-founder of Rarify, is a Georgian who has worked as a product manager at Shutterstock for five years. It is noteworthy that last year, Shutterstock signed an agreement to test Rarify technology. The initial round of investment was $ 3 million, with Greycroft and Einac Ventures participating.
Four of Rarify’s 14 employees, including the technical director and chief engineer, remain in Ukraine at this time, where they lived before the start of the war. The company’s second Georgian co-founder, Lasha Antadze, also lived in Ukraine but left the country a few weeks ago.
According to Antadze, establishing ties with the remaining employees in Ukraine became significantly more difficult during the war. “They are currently in the two largest cities in Ukraine – Kyiv and Kharkiv, which are the hottest spots,” – explains Lasha Antadze.