Fantasy Football NFT Platform Sorare Raises $680 Million
- The investment gives Sorare a new valuation of $4.3 billion.
- The company will use the funding to expand to new sports and increase its offering.
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Sorare, a blockchain-based fantasy football platform, announced that it has raised $680 million in a Series B financing round. According to a press release published on 21 September, the round was led by SoftBank and included participation from Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, and Liontree. Previous investors Benchmark, Accel, and Headline also participated in the round, the company said.
Sorare will use the investment to improve its gaming experience and expand into other sports. It also plans to open its first office in the U.S. and launch new initiatives to support sports activities for young people and fund other startups in the Sorare ecosystem.
It currently has over 600,000 registered users, which grew by 34x between Q2 2020 and Q2021. Sorare’s quarterly sales increased by 51x during the same period.
Marcelo Claure, the CEO of SoftBank Group International, said Sorare sits at the intersection of two really exciting industries in digital collectibles and fantasy sports.
“It’s evident from Sorare’s amazing growth this year alone that football fans around the world have been eagerly waiting for the “game within the game” that Sorare provides. We’re pleased to be joining them on this journey and are really excited to see what the company will achieve in its next phase of growth.”
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