Fractional raises US$20m to focus on collective NFT ownership, rebrands as Tessera
Fractional, a platform that allows for collective ownership of NFTs, is rebranding as Tessera after it raised a US$20 million Series A funding round.
The platform allows multiple users to co-own an NFT in order to make it easier and less costly for them to have a share of expensive or potentially valuable digital collectibles.
Fractional announced on August 18 that it is changing its name to Tessera, and that it raised a US$20 million funding round led by Paradigm. Other investors in this round included Uniswap Labs Ventures, E Girl Capital and Yunt Capital and over 50 diverse angel investors including Keyboard Monkey and DC Investor.
As part of the rebranding, Tessera will focus on collective ownership and community, the company said. It will use the new funding to hire more employees including marketers, engineers and developers.
“We hope to help build a world where anyone can have the opportunity to collectively own and govern things they value, without reliance on central gatekeepers to execute decisions and actions on their behalf,” the company said in a statement.
According to Fractional, the platform has provided over 70,000 people the ability to collectively own over 6,500 of the world’s most sought-after NFTs since its launch in 2021.