Bored Ape Yacht Club's Parent Company Yuga Labs Might In Talks With A VC Firm, Per Financial Times
Updated: Feb 8, 2022
The Financial Times published a story this morning claiming that the Bored Ape Yacht Club’s parent company, Yuga Labs, was in talks with one of Silicon Valley’s top venture capital firms, echoing rumors that have been making their way around the club for weeks.
Yuga Labs is in talks with Andreessen Horowitz, a venture capital firm headquarter in Menlo Park, CA with $18.8 Billion worth of assets under management, according to Financial Times reporter Miles Kruppa.
In the article, Kruppa wrote that Yuga Labs is “discussing a financing with Andreessen Horowitz that would value it at between $4bn and $5bn. According to people with knowledge of the discussions, NFTs pioneer Yuga Labs is seeking to sell a multimillion-dollar stake in a new funding round.”
Kruppa goes on to say that while the two sides are talking, nothing is set in stone. “The term could still change,” Kruppa wrote. “’And ‘any discussions might not lead to a deal,’ said people close to ongoing negotiations.”
Rumors of Yuga Labs being in talks with a venture capitalist firm have been swirling around the BAYC for weeks. As the Bored Ape Gazette previously reported, Podcaster NFtNick.Eth claimed that the Bored Ape Yacht Club was raising funds at a five-billion-dollar valuation according to an undisclosed source on his January 24th show.
NFTNick wasn’t the only notable ape recently discussing Yuga Labs and VC firms. The Bored Ape Gazette listened into a Twitter Space in mid-January hosted by BAYC member RDM_41 where a guest said that Yuga Labs may have sold some $APE token to VC investors.
While there is still a lot we do not know about a deal, or no deal, with Andreessen Horowitz; BAYC members are confident that the founders will do what’s best for the club.
“So overall I feel like this is very bullish long term for the BAYC," BAYC member RDM_41 previously told the Bored Ape Gazette. “The team has always been focused on the long term and selling shares of Yuga Labs is a smart move to fund the development for the BAYC metaverse. I’ve also been made aware that the VC will not be given tokens at a discount."
The Bored Ape Gazette will continue to monitor this story and let you know when more information becomes available.
