Popular fantasy soccer game Sorare has raised $680 million in series B funding on Tuesday.
Headquartered in Paris, Sorare is leveraging the Ethereum blockchain and NFT (Non-Fungible Token) to develop digital cards and games. It is a football fantasy game where users can buy and sell digital cards (NFTs) that represent players to build a fantasy team.
The transactions are recorded on the Ethereum blockchain where each card is registered as a unique token.
Digital cards traded on the company’s platform have recorded transactions worth more than $150 million since the beginning of the year, with over 600,000 registered users.
The press release revealed that Sorare’s users grew by 34 times between Q2 2020 and Q2 2021, with its sales increasing 54 times from the previous year.
The $680 million funds raised is the largest amount raised in a Europe-based Series B funding round. The investor round was led by SoftBank Vision Fund, LionTree, IVP, Bessemer Ventures, and Hillhouse and Atomico. It has taken the company’s valuation to a whopping $4.3 billion.
As per the company’s press release, Sorare will use the funds to accelerate growth by signing up the top 20 football leagues and expanding into other sports.
Nicolas Julia, CEO and co-founder of Sorare, said in a statement:
“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.
We believe this is a huge opportunity to create the next sports entertainment giant, bringing Sorare to more football fans and organisations, and to introduce the same proven model to other sports and sports fans worldwide.”
Sorare raised $ 50 million in a Series A round in February this year. The company’s platform works with several professional football clubs, including Juventus, Real Madrid, and Liverpool.