Ethereum NFT platform Sorare raises record amount of no less than $680 million from investors

Sorare, a popular non-fungible token (NFT) platform on Ethereum (ETH), has raised a whopping $680 million in a Series B funding round. The NFT platform for digital collectible cards from the football world announces this on September 21:

Not only is it the largest investment in the NFT sector ever, it is also the largest investment in the history of the French technology sector and the largest Series B investment round in Europe ever, says Sorare.

The French company, founded in 2018, already raised $50 million in February in a Series A financing round. Meanwhile, no fewer than 180 football associations, 6,000 football players and 600,000 registered users are affiliated with the platform.

The Series B round of capital was led by Softbank, a huge Japanese media conglomerate. In addition, companies such as Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and Liontree also participated. Sorare also received investment from Reddit co-founder Alexis Ohanian and football players such as Gerard Piqué, Rio Ferdinand, Antoine Griezmann and César Azpilicueta.

With this investment, Sorare is valued at a staggering $4.3 billion. The company reports that it plans to use this investment to further expand into the world of football, as well as into other sports. Which sports these are may not be announced until 2022.

“Sorare’s game was born out of our love for football and our expertise in technology. We saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, football players and their fans to experience a deeper connection with each other.”

Nicolas Julia, CEO and co-founder of Sorare, said in a press release. More than $150 million worth of NFTs have been sold on Sorare since the beginning of this year. In March, an NFT of soccer star Christiano Ronaldo was sold for nearly $300,000.

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