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Web3 Tooling Startup Nefta Raises Seed Round at $32.5 Million Valuation

Nefta, a web3 infrastructure startup focused on gaming and entertainment sectors, raised $5 million in a seed funding round.

Play Ventures led the round by injecting $2.5 million — the single largest investment from its Future Fund — Nefta said Wednesday. Other investors in the round included Polygon Ventures, SevenX Ventures, Sfermion and Picus Capital.

Nefta is now valued at $32.5 million, founder and CEO Geeshan Willink told The Block. That's a 225% jump in its valuation in the last eight months. Nefta was valued at $10 million last June when it raised $1 million in pre-seed funding from Picus Capital, said Willink.

The seed round brings Nefta's total funding to date to $6 million. As part of the deal, Kenrick Drijkoningen, general partner at Play Ventures, will join the Nefta board, said Willink.

(By Yogita Khatri)

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