Non-fungible token (NFT) startup Candy Digital has raised $100 million in a Series A funding round, which brought the company’s valuation to $1.5 billion, Candy Digital said in a press release on 21 October.
According to the announcement, the funding round was co-led by Softbank Vision Fund 2 and Insight Partners, and also saw participation from Connect Ventures, Will Ventures, Gaingels, Com2Us, and Athletes Syndicate. The goal of the platform is to bring fans and collectors closer to the sports and players they love through authentic licensed products in the NFT space. The CEO of Candy Digital, Scott Lawin, said in a statement:
“Blockchain and NFTs provide tremendous opportunities to enhance the fan experience by allowing people to own a piece of their passion. We’re thrilled to continue partnering with the leading sports leagues around the world to engage fans through the next generation of sports collectibles as we create the future of fandom together.”
The company has already partnered with several major sport brands, such as the Major League Baseball — for which it is building an official NFT ecosystem for fans and collectors — Major League Baseball Players Association, Race Team Alliance, and several college athletes.
The newly acquired funds will help Candy expand its NFT product offerings across the global sports marketplace for both its current and emerging partners. The $100 million will also accelerate the growth of Candy’s global team and capabilities across its creative content studio, user experience team, and marketplace platform where fans can buy, trade, sell, and store their NFTs.