Pinata is an NFT-focused media distribution platform. The company behind Pinata has raised $21.5 million to be used in the continued plans of the company to build upon NFT media infrastructure. The company has been in business for four years and this is the first amount of capital raised since the beginning of operations.
In a recent series A funding round the company was able to gain $18 million that was added to the $3.5 original seed round amount that was gained in 2021. The Series A funding round was co-led by Greylock and Offline Ventures who were joined by Volt Capital, OpenSea and Alchemy.
Based in Omaha, Nebraska the company provides media infrastructure and support for marketplaces that trade NFTs, metaverse, web3 apps, DApps, and other crypto projects. Users of Pinata are able to share and monetize their media on any blockchain.
The founder of Pinata ,Kyle Tut, spoke on the project -“We power a significant option of web3, some of the biggest names in the space are using us. Those users range from non-technical creators to software engineers.” Today the growth of the platform cannot be mistaken as Pinata has seen revenue growth by 42x year over year. The user base has also seen a significant increase of 131% to a recent count of 240K users over the previous year of 104K. The platform is even used by big names such as OpenSea,DraftKings, Protocol Labs- even Yuga Labs.
Pinata enables creators to store, manage adn build more functionality into their NFTs. The company believes in adding more utility and use to NFTs by adding deeper functionality.