The NFT fantasy football platform, Sorare, has announced that it has raised $680 million in its latest Series B SoftBank-led funding round.
With this Series B funding round, Sorare valuation would stand at $4.3 billion, indicating the level of confidence it has registered in its investors. Sorare aims to use the proceeds to pursue expanding its NFT base beyond soccer, plus opening an office in the U.S.
The SoftBank-led funding round also saw new and existing investors, such as Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, Liontree, Benchmark, Accel, Headline, and several others. Notably, football stars, Gerard Pique, the Barcelona defender and ex-England player Rio Ferdinand were also one of the new investors.
NFT Market on the Rise
This year, NFT has enjoyed a level of growth and adoption from the crypto community. The co-founder and CEO of Sorare, Nicolas Julia, has attributed the success of his own platform in terms of sales and value proposition to mainstream NFT acceptance.
According to him, “We saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other. We are thrilled by the success we have seen so far, but this is just the beginning.”
He added that Sorare could become the next sports entertainment giant, as the company would continue to bring proven operation models to interested fans worldwide.