Just-In: MoonPay Raises $87 Mln In Celebrity-Led Funding Round

MoonPay, a crypto payments platform valued at $3.4 billion, said it raised $87 million in funding from a host of popular sports and media personalities.

The company said on Wednesday it had raised millions from 60 high-profile celebrities and companies in its push into Web3. MoonPay has facilitated the popularity of cryptos and NFTs among celebrities by simplifying the payment infrastructure.

Maria Sharapova, Gal Gadot and Snoop Dogg among MoonPay investors

MoonPay’s leadership in the crypto and NFT space has attracted investment from influential people in the music, sports, media & entertainment industries. In total, 60 celebs and famous personalities-led firms have poured $87 million into MoonPay.

The celebrities include Maria Sharapova, Justin Bieber, Jason Derulo, Bruce Willis, Paris Hilton, Gal Gadot, Matthew McConaughey, Snoop Dogg, and others.

Several celebrity-led firms also invested in the firm, including Drake’s DreamCrew, Ashton Kutcher and Guy Oseary’s Sound Ventures, Gwyneth Paltrow & Moj Mahdara’s Kinship Ventures, and others.

MoonPay has attracted investment from companies including Tiger Global Management, Blossom Capital, Thrive Capital, Paradigm, and NEA, who helmed a $555 million funding round in November. The funding allowed the crypto payment unicorn achieve a $3.4 billion valuation last year.

Ivan Soto-Wright, CEO and Co-founder of MoonPay, said:

“Web3 is radically changing the way we approach the business of entertainment, sports and music. The business are using Web3 technologies in managing intellectual property rights, transform fan engagement, and control royalty rights.”

NFT Engagement in the Music, Sports, Media and Entertainment

The entertainment, sports, and music industries are exploring NFTs and Web3 technology to build community, connect, and engage with their fans. MoonPay has helped drive that by simplifying entry to the crypto economy and NFTs.

Commenting on their investment in MoonPay, Gwyneth Paltrow, actress and Co-Founder of Kinship Ventures, said:

“We are excited to invest in MoonPay because we believe their technology is best positioned to make participating in cryptocurrency more accessible.”

Celebrities, famous artists, and personalities from various industries are jumping into the NFT space. For instance,  celebrities like Gwyneth Paltrow, Eminem, Snoop Dogg, and Steph Curry have used Bored Apes NFTs as profile pictures. Moreover, some celebrities are collaborating with artists to create and sell their NFTs.