NFT scaling startup Immutable raises $60 million in Series B funding

The Australian startup Immutable, creator of the NFT-focused Ethereum Layer 2 protocol Immutable X, has raised $60 million in a new funding round — bringing its total raised to $77.5 million. 

BITKRAFT Ventures and King River Capital co-led the round, according to a press release. Other participants included Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund.

Immutable X tackles the high cost of minting NFTs on Ethereum due to high transaction fees. ETH transaction costs are around $40 per The Block’s Data Dashboard — roughly double the fees of early April when Immutable first launched Immutable X.

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