Bored Ape Yacht Club Creators in Funding Talks With Andreessen Horowitz: Report

Yuga Labs, the startup behind Bored Ape Yacht Club, is in talks with venture capital heavyweight Andreessen Horowitz (a16z) over a funding round that would value it at as much as $5 billion, the Financial Times reported Thursday.

Yuga Labs is in talks about selling a multimillion-dollar stake with a16z among the firms it is courting, the FT said, citing people with knowledge of the discussions.Bored Ape Yacht Club, a collection of 10,000 algorithmically generated images of cartoon apes minted and sold as non-fungible tokens (NFTs) on the Ethereum blockchain, counts a score of celebrities as owners, including Paris Hilton and Steph Curry. Most recently rapper Eminem bought one on OpenSea for for 123.45 ETH ($319,000).Previously an early investor in Facebook, Twitter, Airbnb and Stripe, a16z has invested extensively in the cryptocurrency industry, recently telling investors it is looking to raise $3.5 billion for a new crypto venture fund.

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