Trading card nonfungible token (NFT) marketplace, Sorare has raised $680 million in a Series B fundraising round sponsored by Japanese financial behemoth SoftBank.
Sorare is valued at $4.3 billion following the Series B fundraising round. The additional funding, according to the company, will help Sorare expand its portfolio of football player NFTs by working with more football leagues and organizations.
Earlier this month, the platform announced its first relationship with a soccer competition, La Liga. NFT collaborations with well-known soccer clubs such as Paris Saint-Germain (PSG), which recently acquired 6-time Ballon d’Or winner Lionel Messi, Liverpool, and other top-tier soccer teams are already in place on the platform. Sorare also intends to broaden its NFT-based portfolio solutions to include other fantasy sports.
Existing investors as well as high-profile angel investors contributed to the fundraising. Benchmark, Accel, and Headline are among the existing investors who took part.
Atomico, Bessemer Venture Partners, D1 Capital, Eurazeo, IVP, and LionTree are among the new investors. SoftBank led a $532 million investment round for Sorare in July.
Sorare CEO Nicolas Julia, on the other hand, refuted the funding claims, which were initially fueled by insider information. Although the soccer community has readily welcomed the NFT marketplace, the National Football League (NFL) of the United States recently outlawed clubs and members from participating in NFTs or any other type of crypto-related collaborations. According to an unidentified NFL member, until further notice, teams are prohibited from selling, promoting, or advertising blockchain and digital assets in any form.
Mainstream fintech businesses such as Visa, which recently paid $150,000 for an NFT set dubbed CryptoPunk, have hailed the NFT area as a promising medium for fan engagement, with the market registering $2.5 billion in sales during the first half of 2021.