Recur Raises $50M in Round Led by Steve Cohen-Backed Digital

Recur, a designer and developer of non-fungible tokens (NFTs) for sports fans, said it raised $50 million in a Series A funding round led by Digital, an investment platform backed by hedge fund billionaire and New York Mets owner Steve Cohen.

The funding round values the company at $333 million, Recur said Monday.

The company also said it’s planning to bring collegiate athletics to the NFT space, starting with the Pac-12 Conference. Recur has partnered with Veritone, an artificial intelligence company, to license Pac-12 video highlights on NFTU, a new marketplace for National Collegiate Athletic Association (NCAA) themed NFTs.

Recur’s co-CEO Zach Bruch said in a press release that the company is aiming to “democratize access to NFTs” and bring accessibility to sports fans who aren’t engaged in the cryptocurrency world. The deal is the first NFT-specific licensing contract for an NCAA conference.

Investors in Recur’s $5 million seed round in March included DeFi Alliance, Courtside VC, Volt Capital and internet entrepreneur Gary Vaynerchuk.