The NFT sector has experienced massive growth in the past year, and companies operating there are now raising funds to support further innovation
Sorare, a football-focused non-fungible token (NFT) trading platform, has announced that it has raised $680 million in a Series B fundraise led by SoftBank. This follows a $50 million Series A financing in February, with the company’s value now slated at $4.3 billion.
According to an Forbes report, the $680 million raised by Sorare is the second-largest in the cryptocurrency space after FTX raised $900 million earlier this year. SoftBank led the investment round and was joined by venture capitalist firms Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and Liontree.
Existing investors Benchmark, Accel and Headline also participated in the latest fundraising round. Sorare is one of the leading NFT platforms in the world. The platform allows users to trade NFT trading cards of superstar players such as Antoine Griezmann and Cristiano Ronaldo.
Built on the Ethereum blockchain, Sorare has been around since 2018 and has already recorded more than $150 million in card sales since the start of the year. The rising popularity of NFTs saw Sorare’s monthly active paying users grow by 34 times in the second quarter of 2020.
The company reported a similar growth level in the second quarter of this year, with its quarterly sales now up 51 times over the past year. Sorare currently has more than 600,000 registered users. The company has licensed football players from over 180 clubs, including the popular ones like Liverpool, Real Madrid and Juventus. Sorare will use the funds to expand into other fantasy sports, hire more staff, market campaigns with athletes and partners, and open its first office in the United States.
Nicolas Julia, CEO and co-founder of Sorare, said the platform was created out of love for sports and tech expertise. The NFT sector has become popular in the sports and entertainment world. Several teams and leagues have launched and sold their NFTs and more are expected to adopt similar methods in the coming months and years.