Rario, the cricket-focused non-fungible token (NFT) marketplace, has today (April 21) announced it has raised $120 million in Series A funding.

The round was led by Dream Capital, the corporate venture capital and mergers and acquisitions arm of India-based sports technology company Dream Sports, and was also participated in by Wave Global.

They join existing investors Animoca Brands, Presight Capital, and Kingsway Capital.

The investment is the largest made to date by Dream Capital, which was established in 2020, and is claimed to be the single largest investment in the cricket NFT space globally.

It also brings the portfolio of companies in which Dream Capital has invested to nine and takes Dream Sports into the Web3 – the decentralized web – space for the first time.

The announcement follows that of Rario’s official licensing deal with Cricket Australia and the Australian Cricketers’ Association earlier this month.

That is Rario’s first official licensing partnership with a national cricket governing body, with the company having only been founded last year.

It does, however, also produce NFT series for the Caribbean Premier League, the Lanka Premier League, the Abu Dhabi T10 League, and Legends League Cricket.

Ankit Wadhwa, co-founder and chief executive of Rario, said: “Cricket is the second largest sport in the world with more than 1.5 billion fans globally. NFTs are creating new forms of engagement allowing fans to own and trade digital collectibles. Rario’s global cricket NFT ecosystem will be further strengthened by the 140 million sports fans on Dream Sports.”

Dev Bajaj, chief strategy officer of Dream Sports, added: “DreamCap is glad to partner with Rario to help sports fans engage deeper with their favorite players and teams.”