Rario, a cricket NFT platform based in Singapore, has received $120 million in funding headed by Dream Capital. Alpha Wave Global was also a member of the Series A financing round.
Animoca Brands, Presight Capital, and Kingsway Capital are among Rario’s current investors.
Rario in their announcement stated that “With Dream Capital’s investment, Rario now gets access to Dream Sports’ 140 Million users, who will be offered FIAT-only products in India, with the potential to create the largest cricket NFT platform globally.”
Since its inception in 2021, the project has sold over 50,000 NFTs in 20 countries, with the United States, United Kingdom, Australia, and India serving as the company’s primary markets.
Rario is a digital collectibles platform for cricket lovers built on the Polygon network. Members can “collect, trade, and play using legally sanctioned cricket NFTs on the blockchain,” according to the website.
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. Web3 use cases in sports are game-changing, and we’re seeking to invest in more firms in the field with novel NFT applications around the world.”
