Fantasy Football NFT Sorare Raises $680M in Serie B Funding Round
Sorare, an NFT game from a French fantasy football company, raised $680 million in its Serie B financial round from major tech investors. At the same time, the startup received an estimate of $4.3 billion.
The leading investors of the financial round were SoftBank Vision Fund, IVP, Liontree, Bessemer Ventures, D1 Capital, as well as players Antoine Griezmann, Gerard Piquet, and many others. Sorare's current sponsors Accel, Headline, and Benchmark also took part in the round. The funds received by the team will be spent not only on opening a new office in the United States, but also on increasing its “sports coverage”, as well as developing an application for mobile devices.
Sorare was established 3 years ago and has become one of the main platforms for buying, selling, and exchanging NFT cards with popular football players from world-famous clubs. Non-fungible tokens are also used by developers as rewards for virtual tournament winners.
Today, the registered user base is more than 600,000 people, and Sorare's trading volume since January 2021 has exceeded $150 million. In the second quarter of 2021, the startup managed to increase its trading volume by 51 times compared to 2020, and the number of NFT users -site for the same period increased 34 times. Paris Saint-Germain F.C., Juventus F.C., Liverpool F.C. are worth noting among 180 football clubs that have become partners of the platform in player licensing. and FC Barcelona.
They see American football, baseball, and basketball as their future “goals,” according to CEO Sorare. The company intends to apply the already existing fantasy football approach to these sports, attracting even more fans from around the world to its platform. He also emphasized that he was not worried about possible competition in the European market and called Sorare “the only ones who have managed to bridge the gap between play, collecting and use for the entire existence of sports NFT”.
As a reminder, Sorare raised $50 million in its Series A funding round in the winter of 2021, so compared to the previous result, the current achievement of the $680 million bar is impressive.
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