OpenSea’s $300 Million Series C Financing

Latham & Watkins represented OpenSea in the transaction.

OpeanSea, an NFT marketplace, raised US$300 million in its Series C financing resulting in a US$13.3 billion post money valuation. Paradigm and Coatue led the round with participation from new and existing investors. The investment will help improve customer and community experience on the platform.

The New York-based platform, which launched in 2017, is a popular digital marketplace for crypto collectibles, NFTs and other rare digital items. NFTs, or non-fungible tokens, are unique digital items that exist on the blockchain and represent different types of files like audio, art, video and more.  

Latham & Watkins represented OpenSea in the financing with a deal team led by Bay Area partner Ben Potter (Picture), with San Diego associate Evan Youngstrom and Bay Area associates Michelle Chern and Adam Zuckerman. Advice was also provided on regulatory matters by New York partner Stephen Wink; on data and technology transactions matters by Los Angeles partner Ghaith Mahmood; on intellectual property matters by Bay Area partner Gregory Sobolski; and on benefits and compensation matters by Bay Area partner Jay Metz.

Involved fees earner: Michelle Chern – Latham & Watkins; Ghaith Mahmood – Latham & Watkins; James Metz – Latham & Watkins; Benjamin Potter – Latham & Watkins; Gregory Sobolski – Latham & Watkins; Stephen Wink – Latham & Watkins; Evan Youngstrom – Latham & Watkins; Adam Zuckerman – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: OpenSea;