Orange Comet, a Web3 startup focused on non-fungible tokens (NFTs) and metaverse experiences for the entertainment industry, has raised $7 million in an equity funding round that included a mix of existing and new investors, a spokesperson told CoinDesk. The company expects to launch a larger capital round later this year.

The funding round was revealed in a Feb. 23 filing with the U.S. Securities and Exchange Commission (SEC), which showed that Orange Comet had raised $7,243,539 of a $20 million target through a sale of equity and securities.

Los Angeles-based Orange Comet creates technology and content that create Web3 ecosystems in gaming, digital collectibles and other experiences built around notable entertainment-related intellectual properties. Past partnerships have included actor Anthony Hopkins, National Basketball Association (NBA) Hall of Famer Scottie Pippen, and the hit television show “The Walking Dead.”