Singapore-based non-fungible token (NFT) infrastructure startup Gomu has announced raising $5 million in a Seed funding round that will power NFT liquidity incentives and commerce.
In a statement, the company said the funding round was backed by venture investors Coinbase Ventures, Defiance Capital, Saison Capital, and several angel investors. The company did not provide its valuation following the investment.
Gomu raised this seed round on the back of their strong infrastructure and product launches.
To date, Gomu has launched two main products, NFT Hub and Collection.xyz, built on their robust NFT APIs, which are already widely available for developer adoption. Their first flagship product — NFT Hub — provides NFT communities with a white-labeled community hub and marketplace to call their own.
NFT communities can create custom marketplaces and token-gated communities in minutes, all without having any prior experience with blockchain technology. Gomu is partnering with Mutant Cartel, an independent community of Mutant Ape Yacht Club (MAYC) NFT holders to launch the Mutant Hideout — the first community-owned hub for all MAYC holders.
The Hideout will provide a place for MAYC NFT holders to congregate in a single place to discover content, share information, and transact with each other using NFTs. The Mutant Ape Yacht Club community numbers over 8,000 with an estimated collection market cap of $700M.
The Gomu team hails from some of the leading companies in the industry. Spencer Yang, the co-founder and CEO of Gomu, was previously leading Product at Coinbase focused on Derivatives, DEX and Coinbase Wallet. He served as the VP of Growth, Revenue and Operations at CoinMarketCap, including driving the acquisition with Binance.
Jeremy Seow, co-founder and VP of Product, had led Product at Chainlink and was previously VP of Product at CoinMarketCap. Other team members were pivotal engineering and product leaders at other companies such as Millennium Management, Zendesk and CoinMarketCap.
“NFT holders and projects can easily incentivize liquidity for their favorite NFT collections, adding an essential building block in the NFTfi space,” said Spencer Yang, co-founder & CEO of Gomu, “The LP tokens of pools can also be collateralized for other protocol interactions.”