RECUR, a digital products and collectibles company founded by two University of Michigan graduates, announced a Series A raise of $50 million at a $333 million post-money valuation.
The Miami-based company, which designs and develops on-chain branded experiences that allows fans to buy, collect, and re-sell digital products and collectibles (NFTs), was co-founded by Zach Bruch and Trevor George.
“At RECUR, we are building a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases,” say Bruch and George.
“Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained across any future chain. Further, we see a future where the standard for a decentralized recurring royalty is embedded, giving the creator due credit as assets are exchanged over and over again.”
DIGITAL, a metaverse investment platform led by Mark Daniel and Benjamin Milstein, with financial backing from Steve Cohen’s family office, were the lead investors in the financing. Cohen will serve on RECUR’s board as DIGITAL’s initial designated director.
RECUR is currently scaling out of the company’s go-to-market team with more than 150 open roles, including key investments in recruiting, marketing, customer success, design, and engineering. Additionally, the newly secured funding will help bring brand experiences market over the next year.
RECUR also announced a partnership with leading artificial intelligence technology company Veritone based in Costa Mesa, Calif., and CLC, a leading collegiate trademark licensing company based in Atlanta.
Veritone is the exclusive licensing partner of for the Pac-12 Networks and will license RECUR approved Pac-12 moments across all sports available for NFT creation. The companies will coordinate with student athletes to obtain authorization to use their video highlights. RECUR will combine these rights in a separate partnership with CLC to bring certain collegiate marks and mascots to its singular experience, NFTU.com.
“Consistent with the innovative spirit that drives Pac-12 Networks and the Pac-12 Conference, we are thrilled to be leading the way in collegiate sport content licensing for NFTs,” says Kenden Blake, senior manager of distribution and licensing for the Pac-12. “This new partnership between Pac-12 Networks, Veritone and RECUR will unlock new ways to deliver the college sports content fans love, now through NFTs.”
NFTU is a new marketplace that for the first time will allows sports fans to own the latest and greatest highlights from college sports, starting with the Pac-12. It will be the sole marketplace for these assets.
“We are excited to work with RECUR to help deliver officially licensed NFTs to college fans on behalf of our partner institutions,” says Dave Kirkpatrick, CLC’s vice president of non-apparel licensing. “While NFTs can be a complex web of products and marketplaces, we believe the program being developed by RECUR provides an innovative, easy-to-use platform for collegiate collectibles.”