Fractional Changes Name to Tessera, Announces Funding
Fractional, a platform that allows users to buy pieces of popular NFTs, has a new name — Tessera — and a new $20 million round of funding, the company announced Wednesday.
Paradigm led the round of funding for Tessera, according to founder Andy Chorlian in a Medium article. Other investors include Focus Labs, Uniswap Labs Ventures, E Girl Capital, Yunt Capital, Keyboard Monkey, Laus and DC Investor.
Since it was founded in 2021, Fractional saw more than 70,000 users and 6,500 NFTs on its platform. But the name "felt too financial" and limited the company's scope, said Chorlian in a Twitter thread.
The rebranded company will focus on "curating the most extraordinary collective ownership experiences" and helping people "collectively own and govern things they value."
Tessera will launch a podcast featuring long-form interviews starting on Tuesday of next week, according to Chorlian and Deeze, Tessera's director of vibes, who spoke about the rebrand on a Twitter Spaces Wednesday.
The Fractional.art site will eventually be sunset, according to Chorlian, but the smart contract will continue to exist.