Sorare announced a $50 million raise in the Series A funding. The fantasy football startup focuses on NFTs that football fans love and provides a platform for trading and owning digital football collectibles.
The latest funding will provide the required money for expanding the startup and making it ready to support more users. Sorare plans to revolutionize the online football fandom and give back the control of trading and owing football collectibles to final users.
Faster Development for the NFT Platform
NFTs have been successful in attracting digital users. They provide the chance to trade digital collectibles without the need for intermediaries. Collectibles that have been an essential part of fans’ life throughout history are now finding a new place, and interest in buying or selling them increases very fast.
Decentralized platforms have shown that trading digital collectibles can be done very easier and more securely. Startups like Sorare focus on a niche market to provide the trading opportunity. They have attracted investors to find more money for faster and better development.
The recent $50 million raise for Sorare is a good sign that strategic technology investors see NFT platforms’ opportunity. Benchmark led the Series A funding for Sorare. They have been a strategic investor for successful startups like Twitter, Snap, Instagram, and Discord.
Sorare raised $50 million in this round from various investors. Accel was one of the biggest investors. Individuals like Antoine Griezmann, Rio Ferdinand, Oliver Bierhoff, Alexis Ohanian, and Gary Vaynerchuck participated in fundraising.
Sorare will use the recent investment to hire more developers and expand the team. It will add the top 30 football leagues from all over the world. So, more football fans worldwide can trade the NFTs of their beloves clubs or players. Sorare will launch a mobile application for NFT trading, too. The founders of Sorare said about their plans for the $50 million funding:
“We’ll be using this new funding to propel our vision forward. Our mission is to create “The game within The game.” We are transforming online football fandom and giving fans like us the power to own the game they love.”
Sorare plans to increase the use-case and circulation of NFTs. It doesn’t limit digital football collectibles to owning and trading. The platform will find and introduce utilities for Football NFTs in the future. It has been successful in creating a community around the startup. The community has built some applications for Sorare that help users own and play with NFTs better. SorareMega and SorareBuzz are two of the most popular applications.
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