Dapper Labs, the company behind the NFT-focused blockchain Flow, is launching a $725 million fund to attract developers to the network.
The so-called ecosystem fund drew participation from an array of venture firms, including Andreessen Horowitz, Coinfund, Digital Currency Group (DCG), Coatue Ventures, Dapper Ventures, Fabric Ventures, Spartan Group and Union Square Ventures.
These firms have committed funds to help support developers in creating new Flow-based applications in areas like gaming, infrastructure, decentralized finance (DeFi) and content creation.
"We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world's leading investors in web3 through their commitment to this fund," Roham Gharegozlou, CEO of Dapper Labs, said in a statement on Tuesday.
Over the last few years, Flow has surged to prominence as a scalable blockchain for various NFT applications. According to a report by Block Research, the blockchain is home to about 200 NFT projects, including popular names like NBA Top Shot and NFL All Day.
Dapper Labs raised over $250 million at a $7.6 billion valuation in September 2021.