Sorare Raises $680 Million to Expand Blockchain-Based Fantasy Football Game
Sorare, the NFT-based fantasy football game, has recently ended its latest fundraising round to the count of US$680 million. The capital gained from the Series B funding round provides the means to create the next giant in sports entertainment.
A Historic Fundraiser
The record-breaking funding round is the largest in the history of French tech and the biggest in Europe for a Series B.
The fundraiser was joined by several interested parties, including Atomico, Bessemer Ventures, Reddit co-founder Alexis Ohanian, and football players Gerard Piqué, Rio Ferdinand, Antoine Griezmann and César Azpilicueta.
In February, the platform announced it had raised US$50 million in Series A funding from renowned investors such as Benchmark (investor in Twitter, Snap, Instagram or Discord), Antoine Griezmann, Rio Ferdinand, Oliver Bierhoff, Alexis Ohanian and Gary Vaynerchuck.
This shows a massive increase in interest from investors towards the fantasy football game.
Sorare Growing Fast
Sorare’s user base has grown by 900 percent in the past year, with 177 officially licensed clubs including some of the most famous in Europe, such as Real Madrid, Liverpool and Juventus, 6000 licensed footballers, and 600,000 registered users making waves in the NFT and sports industry. Check out Crypto News Australia‘s independent review of the football trading card game.
The platform has also recently signed a five-year partnership with La Liga and is looking to give back to the people by lending support to community led-football programs, aspiring entrepreneurs, and women in sport.
Sorare Set For Major Expansion
This funding will help deliver its key objective, which is to create the next world champion in sports entertainment by leveraging NFTs. To achieve this, the funds have been allocated to:
- Sign new partnerships: bringing the top 20 football leagues onboard along with the top 50 national teams.
- Speed up mobile and marketing: the fantasy game will be a mobile first experience that fans globally can play.
- Expand into new sports: Sorare has received interest from leagues and fans worldwide to replicate its model in other sports, and plans to roll out new sports in 2022.
Built on the Ethereum blockchain, the platform used to suffer high transaction costs at high volume, though with layer-2 technology called Starkware it has helped to scale transactions and keep gas fees low to curb the problem.
Crypto News Australia also has a guide for beginners and fans who are interested in fantasy football, with the twist of trading and selling NFTs to gain added value from the hobby.