On September 21, the non-fungible token (NFT) fantasy football platform Sorare announced that the company had raised 6 680 million in a Series B funding round led by Softbank. The capital increase gave Soror a new valuation of about .. 4.3 billion and the company plans to open a U.S.-based office.
Sorare has raised $ 680M of capital
The Non-Fungible Token (NFT) asset has seen tremendous growth this year, and the company Soror aims to add the billion-dollar NFT industry to the multi-billion-dollar fantasy sports market. The market size of Fantasy Sports in the United States alone exceeded 8. 8.4 billion in 2019.
On Tuesday, NFT fantasy football platform Sora revealed that the company had raised $ 680 million in a series B financing led by Softbank. Capital Rise in the latest Sora also includes Atomico, Bessemer Venture Partners, D1 Capital, Eurazeo, IVP, and Liontree.
Capital raising is a milestone because it is one of the largest Series B funding rounds in Europe and these funds have raised Sora’s overall valuation to 3. 3.3 billion today. In an announcement Tuesday, Sorare’s team said they plan to open an office in the United States and “sign up for the top 20 football leagues.”
Softbank: ‘Sorare is at the crossroads of two really exciting industries’
Soror has plans to expand into other types of sports and so far, the company has licensed players for 180 football teams, including Juventus, Real Madrid and Liverpool. According to Soror, the startup has exchanged $ 150 million cards on the platform since January 2021.
The company further stated in the announcement, “The number of monthly active payer users in Sora increased 34X between Q2 2020 and Q2 2021, while quarterly sales increased 51X at the same time.”
Marcello Clover, CEO of Softbank Group International and CEO of Softbank Group, said, “Sorare is at the crossroads of two really exciting industries in digital collectibles and fantasy sports.” Claure added:
It is only through the astonishing growth of Soror this year that it is clear that football fans around the world are eagerly awaiting ‘play within the game’.
Sorare is not the only NFT platform that has seen a multi-million dollar increase in capital in 2021, as other NFT market platforms are raising funds. NFT Market Rarible has raised more than $ 14 million and has announced plans to launch the Flow blockchain.
At the end of July, Opensia raised 100 million and became a unicorn company. Engine Effinity received $ 20 million in sales of a token for the NFT Marketplace that supports the Polkdot blockchain. Mark Cuban-backed NFT Marketplace Mintable raised $ 13 million in a funding round in the series in the first week of July.
What do you think about the NFT platform in Sora raising বি 680 million in a round of financing for Series B? Let us know what you think about this in the comments section below.
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