Nuva Digital, co-incubated by Animoca Brands and Nuva Labs (formerly Provenance Blockchain Labs), has raised $5.2 million in a seed funding round to build its real-world asset yield platform, Nuva Finance.
The round was led by Morgan Creek Digital, with Ulu Ventures as another major investor, Anthony Moro, CEO of Nuva Digital, told The Block. The round was completed in a single tranche and is the startup's first external funding, Moro said.
Nuva Digital started fundraising in the first quarter of this year and closed the round now, Moro noted. The round was structured as a priced Series Seed equity round with a token warrant, Moro said, declining to disclose Nuva Digital's valuation.
As part of the funding round, Sachin Jaitly, general partner at Morgan Creek Digital, will join Nuva Digital's board, Moro said. Jaitly will be joined by Mike Cagney, co-founder and executive chairman of Figure Technologies, and Yat Siu, co-founder and executive chairman of Animoca Brands, Moro added.
Nuva Digital describes itself as a software development company behind the RWA platform under development, Nuva Finance. It aims to allow users to earn yield through vaults that hold real-world or tokenized assets.
"When you deposit USDC, the vault issues nvAsset tokens that represent your proportional ownership," reads the Nuva Finance website. "The vault’s total assets and token supply adjust with each participation; you’re not buying from a fixed inventory. Vault-level returns are reflected in the nvAsset token price over time, representing your principal plus accrued yield."
Last August, Nuva Digital said the platform would initially offer nvYLDS and nvPRIME vaults backed by two of Figure Technologies’ onchain RWA assets: YLDS, the U.S. SEC-registered yielding stablecoin security, and HELOCs, fixed-interest rate home equity loans issued by Figure Lending LLC with over $16 billion funded to date.
The platform is self-custodial and aims to disrupt traditional alternative asset models, including firms like iCapital, CAIS, and Nasdaq Private Market, by allowing asset issuers and users to connect directly, Moro noted.
"Nuva’s marketplace model solves the fragmentation problem by creating a simple, unified experience where anyone can access top-tier RWA vaults," said Yat Siu of Animoca Brands. "Tokenized RWAs represent one of the most important opportunities in finance, with the potential to reach trillions of dollars in value within a decade by unlocking liquidity and accessibility for institutional-quality assets."
Moro declined to provide a timeline for the platform's launch. Nuva Digital also plans to launch a NUVA "utility" token, and Moro declined to provide details on the token’s role or launch timeline as well.
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