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NFT Football Gaming Platform Sorare Raises $680 Million
On Tuesday, Sorare announced it raised $680 million in a Series B round. The fantasy football and collectibles platform is set to reimagine the sports gaming sector by effectively bringing NFT and crypto to the mix.
This round’s funding that included investors SoftBank Vision Fund, LionTree, Bessemer Ventures, IVP, Hillhouse and Atomico, is the largest in the history of NFT. Two months ago it was revealed that the Series B round was near completion. Sorare is now valued at $4.3 billion.
Sorare says it’s traded over $150 million worth of digital cards on its platform since January and currently has over 600,000 registered users.
Sorare has had nothing less than a spectacular year so far. Q2 numbers saw its sales increase 54x from the previous year. According to the French-based company, it has so far traded over $150 million worth of digital trading cards since January with over 600,000 registered users.
The new liquidity will be used to spur its growth and step outside the field of soccer collectibles.
Chief Executive Officer, Nicolas Julia said that Sorare sees an opportunity to “introduce the same proven model to other sports and sports fans worldwide” and that the company will be opening a U.S. office in the near future.
“Sorare’s game is born from our love for football and our expertise in tech. We saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other. We are thrilled by the success we have seen so far, but this is just the beginning. We believe this is a huge opportunity to create the next sports entertainment giant, bringing Sorare to more football fans and organisations, and to introduce the same proven model to other sports and sports fans worldwide.”
Basketball, American football and baseball are among the next obvious targets for the company to apply its successful model on.
Today marks a historic day for the sports, gaming and #NFT communities.
We’re announcing our $680M Series B to build the next giant in sports entertainment!
— Sorare (@SorareHQ) September 21, 2021
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Author: Peter Siu
