Build Creator-First Commerce for Artists Social Marketplace Hug raised $5 million in seed round funding.
Social Marketplace Hug Raises 5 million in Funds
On April 12, 2023, it was announced that Marketplace Hug, a platform that connects digital art and NFT creators with current and potential buyers, has raised a total of $5 million in seed round funding. In addition to Yuga Labs, Dapper Labs, Recur, and MoonPay, the seed round was led by web investment fund DIGITAL and included Mark Daniel and Benjamin Milstein (aka OhhShiny) and OKX Ventures, the investment arm of OKX, the second largest crypto exchange by trading volume and a leading Web3 technology company.
Development of the Hug
Launched in February 2022, Hug was founded by CEO Randi Zuckerberg, creator of Facebook Live and award-winning Broadway producer. Shortly after its launch, the company was handed over to Singaporean investor and entrepreneur Debbie Soon as Chief Growth Officer. The project has been evolving and growing since its inception and will use the funds from the seed funding round to accelerate product development and integrate market-leading creator-first commerce features with existing social curation and discovery tools.
Randi Zuckerberg, founder, and CEO of HUG said: “HUG is excited to be at the forefront of democratizing access to art and changing the narrative around how artists get recognized and discovered. It is great to have the vote of confidence from some of the most seasoned investors in Web3 and consumer technology to deliver a product that will disrupt a multibillion-dollar art industry while paving new ways for how artists and collectors will engage in the future.”
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