Investors Bet On NFTs by Valuing Sorare At USD 4.3B

Investment NFT Non-fungible tokens Sport

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Linas Kmieliauskas

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June 26, 2023 06:58 EDT

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Fantasy football platform Sorare said it has raised USD 680m in its Series B round as the company aims to accelerate its expansion into “the unique world of NFT fantasy sports.”

The round was led by Softbank, among other investors, that valued the company at USD 4.3bn, per the announcement.

“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,” Nicolas Julia, CEO and co-founder of Sorare, was quoted as saying.

Sorare operates at the intersection of the non-fungible token (NFT) market, sports cards, and global fantasy sports. It claims it has traded over USD 150m worth of cards on its platform since January.

“The number of monthly active paying Sorare users grew by 34X between Q2 2020 and Q2 2021, with quarterly sales increasing by 51X over the same period,” they said without specifying.

Sorare added that it has over 600,000 registered users and has licensed players from over 180 football organizations, including Real Madrid, Liverpool, Juventus, the French, and German Football Federation. The three-year-old company aims to onboard the top 20 football leagues globally and the top 50 football associations, across not just men’s football but also women’s football. They did not specify when it might happen.

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