Sorare secures $680M in Series B funding round led by SoftBank
The marketplace for NFT trading cards, Sorare has raised $680 million in Series B funding round led by Japanese fintech giant SoftBank, resulting in a revised valuation of $4.3 billion for the platform.
The latest funding will be used to expand Sorare’s portfolio of football player NFTs by partnering with more football leagues and associations. The NFT platform also plans to diversify its NFT-based portfolio offerings to other fantasy sports.
Earlier this month, the French NFT-based trading platform secured its first soccer league partnership with La Liga in addition to having NFT collaborations with clubs like PSG, Liverpool, and other top-tier soccer teams.
Existing investors and high-profile business angels participated in the funding, including Benchmark, Accel, and Headline. New investors include Atomico, Bessemer Venture Partners, D1 Capital, Eurazeo, IVP, and LionTree.
Although the football community has readily accepted the NFT marketplace, the United States National Football League (NFL) has recently barred teams and members from participating in NFTs or any other form of crypto-related partnerships.
An anonymous NFL member said that the new guidelines prohibit clubs from selling, promoting and advertising blockchain and digital assets in any form until further notice.
In addition, mainstream fintech such as Visa has described NFTs as a promising medium for fan engagement as the market registered $2.5 billion in sales during the first half of 2021.