RECUR, the new technology company that designs and develops on-chain branded experiences allowing fans to buy, collect, and re-sell digital products and collectibles (NFTs), announces its raise of $5M, the largest seed-raise to date in NFT history. It will build branded NFT Fan Experiences for global brands and the first is set to launch in Summer 2021.
RECUR is fundamentally changing the NFT market by creating and setting the standard for a decentralized recurring royalty. Though assets will default to Ethereum, RECUR will ultimately be chain agnostic creating the widest distribution and reach for NFTs minted on their platform. RECUR believes that NFTs will act as a gateway for the everyday consumer to enter the crypto space, making its opportunity for growth exponential for its partnered brands.
The raise was led by the Defi Alliance and included investors and funds such as: Gary Vaynerchuk, Courtside VC, Founder of Ethereum, Joseph Lubin (Fund in stealth), Gemini (Tyler & Cameron Winklevoss), Scott Belsky (Founder of Behance), JST Capital, Delphi Digital, Volt Capital, Nascent, CMT Digital, Hashed and more.
RECUR was founded by Co-CEO Zach Bruch, crypto industry veteran, and Co-CEO Trevor George, digital licensing industry pioneer. The core team includes some of the top minds across the crypto and licensing spaces: President Stephen Teglas, former SVP of Licensing at Disney; Head of Engagement Chris Heatherly, former EVP of Games for NBC Universal & SVP of Games for Disney; and CTO James Seibel, former Director of Engineering at Poloniex, among others.
On the significance of NFTs and RECUR’s industry standardization Bruch notes, “NFTs will serve as the ultimate gateway for billions to enter the greater crypto ecosystem.” He continues, “The future digital world and economy will be decentralized which we are not only preparing for, but championing. Our NFTs will have the widest range of distribution and incorporate a recurring royalty element in the underlying code itself.”
Bruch has worked and held leadership positions at some of the most established firms in the crypto industry such as Kraken, Cumberland/DRW, and JST Capital and is the founder of Manna, a proprietary trading and investment firm. George owns Trevco, a top 150 global licensee, and Blue Wheel, one of Inc. 5000s Fastest Growing Companies.
The official press release says the first Recur “brand experience” will be released in the summer of 2021.