NBA Top Shot maker Dapper Labs just nabbed another $305 million investment from the likes of Michael Jordan and Will Smith

NBA Top Shot Press Logo_Collectibles_
Dapper Labs has a $2.6 billion valuation after the round, a source close to the company said.

  • Dapper Labs, the startup behind NBA Top Shot, announced $305 million in new funding Tuesday.
  • The round comes from more than 30 pro athletes and venture capitalists, including Michael Jordan.
  • With the investment, Dapper Labs plans to expand its platform to other sports leagues.
  • See more stories on Insider’s business page.

Dapper Labs, the startup behind virtual trading-card platform NBA Top Shot, has closed a $305 million funding round as the market for digital collectibles continues to boom, the company announced Tuesday.

Led by the investment firm Coatue, the round includes Michael Jordan, current NBA players like Kevin Durant, Alex Caruso, Klay Thompson, and Andre Iguodala, and several other professional MLB and NFL athletes. Ashton Kutcher’s Sound Ventures, Will Smith’s Dreamers VC, 2 Chainz, Venrock, The Chernin Group, and USV are also involved in the round.

This batch of funding brings Dapper Labs’ valuation to $2.6 billion, a source close to the company told Insider, and comes as the firm’s Top Shot platform explodes in popularity.

Developed in collaboration with the NBA and the National Basketball Players Association, the Top Shot marketplace enables fans to collect and trade officially licensed basketball highlight clips called “moments.”

Since launching in October, the platform has attracted 802,000 users and logged $483 million in sales, a spokesperson told Insider. The platform sees millions of dollars worth of moments change hands each day, with some exceptionally rare ones selling for $100,000 or more.

Read more: NFTs like NBA Top Shot are fueling a trading boom in million-dollar sports cards. The CEO of a fractional sports investing platform breaks down why digital collectibles are the ‘perfect intersection of passion and profits.’

The new financing brings the total capital raised by Dapper Labs to $357 million and will enable the firm to expand Top Shot to other sports leagues. In early 2020 it announced plans to develop digital collectibles for UFC.

“NBA Top Shot is successful because it taps into basketball fandom – it’s a new and more exciting way for people to connect with their favorite teams and players,” Roham Gharegozlou, CEO of Dapper Labs, said in a news release. “We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms.”

Founded in 2018, Dapper Labs is also behind another collecting game called CryptoKitties and has its own blockchain system called Flow.

Top Shot moments are a form of nonfungible tokens, or NFTs, essentially digital deeds that grant someone ownership to a particular piece of media on the web. Although NFTs have existed for years, the market surrounding them has hit a fever pitch in 2021, with numerous digital art pieces selling for millions.

Do you have a story to share about your experience with NBA Top Shot? Email this reporter at tlevin@insider.com.

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WHERE ARE THEY NOW? The 1992 Dream Team that dominated Olympic basketball

dream team
  • The 1992 U.S. Olympic basketball team, the “Dream Team,” consisted of several Hall of Famers and is considered the greatest basketball squad ever.
  • Many of the members are still involved in basketball today and back in the spotlight thanks to ESPN’s docuseries “The Last Dance.”
  • Here’s where the legendary members are today.
  • Visit Business Insider’s homepage for more stories.

The 1992 U.S. Olympic basketball squad, also known as the “Dream Team,” is considered by some to be the greatest basketball team ever created.

Composed of several Hall of Fame players, the ’92 Dream Team dominated the competition, restoring glory to U.S. Basketball.

Nearly all of the members remain involved in basketball in some form, and many have been thrown back in the spotlight thanks to ESPN’s docuseries “The Last Dance.”

Here’s what the legendary members are up to today:

Michael Jordan was the star of the Dream Team and the face of the NBA.

michael jordan 1992

Today, Jordan is the owner of the Charlotte Hornets, the face of Jordan brand, the star of the hit docuseries, “The Last Dance,” and widely considered the greatest NBA player ever.

michael jordan

Magic Johnson was the fading, but popular elder statesman on the Dream Team.

magic johnson 92

Today, Johnson is a celebrity, public speaker, basketball analyst, and part owner of the Los Angeles Dodgers and Los Angeles Sparks.

magic johnson

Larry Bird, like Johnson, was one of the Dream Team’s elder statesmen, though he struggled to play through back injuries.

larry bird 92

Bird was the president of the Indiana Pacers until 2017. He is retired now but still involved in basketball and the NBA.

larry bird 2019

Charles Barkley was another star for the Dream Team, making waves with his flashy play, trash talk, and enjoyment of the Barcelona nightlife during the games.

charles barkley 92

Today, Barkley is an analyst and one of the stars of TNT’s ‘Inside the NBA.’

charles barkley

Scottie Pippen was Jordan’s wingman on the Bulls and contributed his defense, passing, and athleticism to the Dream Team.

scottie pippen 92

Pippen has worked with the Bulls in retirement and is also an analyst on ESPN’s NBA show “The Jump.”

scottie pippen

Karl Malone was third on the Dream Team in scoring, averaging 13 points per game.

karl malone 92

Malone has worked with the Utah Jazz coaching big men, but largely seems to enjoy retirement “in the woods or on a boat.”

karl malone

Source: Karl Malone/Twitter

Chris Mullin was one of the Dream Team’s sharpshooters and leading scorers.

chris mullin 92

Mullin was hired as the head coach of St. John’s basketball in 2015, but he stepped down in 2019.

chris mullin 2019

Patrick Ewing was the Dream Team’s anchor in the paint, leading the team in rebounds and blocks.

patrick ewing 92

Today, Ewing is the head coach at Georgetown.

patrick ewing

Clyde Drexler averaged 10 points per game in the ’92 Olympics.

clyde drexler

Today, Drexler does color commentary for the Houston Rockets and is the commissioner of the three-on-three league The Big 3.

clyde drexler now

David Robinson also manned the middle for Team USA.

david robinson 92

Today, Robinson is a partner with the private equity firm Admiral Capital Group and is involved with multiple charities.

david robinson

Source: Admiral Capital Group

John Stockton, though he played sparingly, was one of the team’s floor generals.

john stockton 92

Stockton served as an assistant coach for the Montana State University women’s basketball team in 2015-16. It’s unclear what he does today.

john stockton

Christian Laettner was the youngest player on the Dream Team, fresh out of college.

christian laettner

Today, Laettner owns a real-estate firm and runs a basketball camp.

christian laettner now

Now, see where key members of Jordan’s last Bulls team are today…

Michael Jordan
Jordan and Scottie Pippen joke during a playoff game in 1990.

WHERE ARE THEY NOW: Michael Jordan’s 1997-98 Chicago Bulls team documented in ‘The Last Dance’ >

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