Temasek-backed Menyala leads $4m seed round of NFT authentication firm

Photo credit: Authentick

Authentick, a platform that lets users buy digital collectibles or NFTs and check their validity, has come out of stealth mode and announced a US$4 million seed funding round led by Menyala, a venture-building platform founded by Temasek.

The funding will help Authentick grow its user base and product range.

Funding details

• Funding amount: $4,000,000
• Lead investor: Menyala
• Stage: Seed
• Source

The company aims to make digital collectibles more accessible by enabling users to purchase them without the need for a Web3 wallet or access to an exchange. To do this, it has built a system that converts these collectibles into a format that enables them to be listed on existing ecommerce platforms like Lazada. The collectibles can then be used to unlock features in games and apps.

Authentick plans to offer deals for brand partners who want to reach a wider audience. The firm will manage distributions of their digital collectibles and ensure that these can be purchased on major online retailers.

“This is the first step of our vision to become a digital asset platform that will eventually include services and products for Authentick-hosted wallets,” said Boyko Draganov, the company’s CEO.

More details