As per the latest reports, Sorare has made a promising announcement. Sorare has announced that it has successfully carried out a funding round. According to the non-fungible token (NFT) marketplace, the particular funding round has helped it generated $680 million.
Sorare officials have confirmed that the particular round belonged to the Series B round for the company, meaning it is the second round that it has held since its launch.
Sorare has announced that it was SoftBank, a fintech giant from Japan that has led the particular funding round. Following the successful funding round, the market valuation of the platform as hit a $4.3 billion figure.
Sorare has revealed that with the help of the funds it has raised, it will be increasing its non-fungible tokens portfolio for football players. The firm has revealed that as the NFT sector is gaining tremendous adoption, it is aiming to do more in the industry.
With the help of the funds, it will be forming new and more profitable partnerships with other associations and football leagues. The platform is aiming to make the partnerships as much profit as it can for itself as well as other parties.
Sorare is prominently known as one of the largest NFT-based platforms for the football and other sports sectors, based in France. In the early part of September 2021, Sorare announced its partnership with La Liga. So far, it is the first-ever partnership that Sorare has secured with a soccer league. In the past, Sorare has formed partnerships with different individual teams within the leagues so the partnership with La Liga is a new achievement for Sorare.
When it comes to forming partnerships with teams, it has already partnered with some of the most prominent and popular football clubs in the football sector. Some of the major teams it has partnered with include Liverpool, PSG, AC Milan, and so many others.
The company is also expanding its services into other sports sectors such as American football and National Basketball Association (NBA). This is going to be yet another major achievement for Sorare. So far, Sorare has made things very profitable for the football clubs and has helped them a lot throughout the pandemic.
Now, Sorare is aiming to diversify its portfolio with the launch of its services and NFTs in other sports game sectors.
The funding round was very successful with the participation and contribution from a number of investors and angels. Some of these firms included Headline, Accel, and Benchmark. These were the angel contributors/investors in the funding round.
New investors who demonstrated their prominence were Lion Tree, IVP, Eurazeo, D1 Capital, Bessemer Venture Partners, and Atomico.
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