![]() ![]() However, the SoftBank Group is not only getting a piece of the company it is also placing its CEO, Marcelo Claure, on Sorare’s Board of Directors. It makes Sorare France’s highest-valued scaleup, bigger than insurtech Alan or carsharing company Blablacar. It is the biggest Series B round in Europe to date. SoftBank was not the only entity that invested in Sorare, as other organizations and individual soccer players participated in the round. Sorare, a blockchain-based fantasy football game, has raised a 680m Series B round led by SoftBank, which values the three-year-old French company at 4.3bn. For example, digital takes on collectible basketball cards, such as NBA Top Shot, have seen tremendous growth, surpassing $710 million in sales in just a year. NFTs have recently exploded in fields such as art, sports collectibles, and music. Sorare has signed players from over 180 soccer organizations, including Real Madrid, Liverpool, Juventus, and teams belonging to the French and German Football Federation. In the past year, its monthly active paying users grew 34x, and its quarterly sales increased 51x over the same period. Since January, the company has seen tremendous growth, with over $150 million worth of cards traded on the platform. So, for example, if Cristiano Ronaldo scores a goal in real life, he can score in the game, allowing players to earn more points.įurthermore, at the end of each week, they can also win additional NFTs and merchandise. To enter competitions, they don’t have to wager money or pay fees. Users can buy cards based on their favorite players and teams and then play with those cards in fantasy soccer competitions. It’s based on the real-life performance of the players, and through this game, fans can actually connect with the players and what’s happening in real life.” In an interview with VentureBeat, Thibaut Predhomme, head of operations at Sorare, explains the success behind the platform: “the magic happens at the intersection of collectibility and sports. Advertisements Related | Xtingles Launches The First Global ASMR NFT Marketplace The investment values Sorare at 4. Sorare will use the money to acquire new licenses for its NFT products and expand its staff team to open offices in the US. SoftBank led a 680 million funding round for nonfungible token (NFT) fantasy soccer collectible game platform Sorare. NFT fantasy soccer platform, Sorare, has raised a whopping $680 million in funding – the biggest Series B funding round for a European gaming company.Īs a result, the Paris-based online gaming platform, which currently has only 30 staff members, is now valued at an astounding $4.3 billion. The platform is already host to NFTs from some of Europe’s most popular teams, including Bayern Munich, Juventus, Real Madrid and Liverpool.NFT fantasy soccer platform, Sorare, has raised $680 million as part of a Series B funding led by SoftBank’s Vision Fund 2. Sorare raised a $50 million Series A last February, led by venture capital firm Benchmark. ![]() companies are more about collectibility, so no, I’m not worried about them competing in the European market.” “We are the only ones that have bridged the gap between the game, collectibility and utility over the lifetime of sports NFTs,” Thibaut told CoinDesk in an interview. Thibaut Predhomme, head of operations at Sorare, is not worried about having to compete on their own turf. companies will look to take market share of the lucrative European soccer NFT space, and vice versa. The company is eyeing basketball, American football and baseball as the next targets for its current model, a representative told CoinDesk in an interview.Īs the global sports NFT market continues to mature, U.S. The Paris-based company says it will use the new funds to accelerate growth and venture outside the touch lines of soccer collectibles.ĬEO Nicolas Julia said in a press release he sees an opportunity to “introduce the same proven model to other sports and sports fans worldwide” and will be opening a U.S. 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.įrom Q2 2020 to Q2 2021, the company saw its sales increase 54x from the previous year. ![]() The funding round values the company at $4.3 billion. Anyone who has worked in an office with a vending machine knows this problem well: someone wants a snack or a drink from the vending machine, but doesn’t have any small change. The round’s lead investors include SoftBank Vision Fund, LionTree, Bessemer Ventures, IVP, Hillhouse and Atomico. The European fantasy soccer and digital collectible platform announced a $680 million Series B raise on Tuesday, the largest ever in the non-fungible token (NFT) space. Sorare is taking on the future of sports NFTs with record-setting support. ![]()
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