The Sorare NFT platform is approaching $ 530 million in funding

The popular football platform for irreplaceable tokens (NFT) Sorare is close to securing about $ 532 million in its latest round of funding.

Sorare will break the record for the largest funding in the field of French technology, according to Business Insider . Numerous sources said the Paris-based startup is expected to provide more than $ 530 million in funding, valued at $ 3.8 billion, breaking the record set by ContentSquare. In its current form, the circle is led by SoftBank.

According to the report, SoftBank had a number of meetings with Sorare on the funding round in May.

The European Atomico Fund is also expected to contribute to the round. Other supporters are believed to include asset manager Eurozeo and Blisce, a fund set up by Alexander Mars. A US fund could also join the funding, according to sources. With the injection of new capital, Sorare’s valuation could exceed $ 4 billion. 

Despite the report, Insider also said Sorare CEO Nicolas Julia denied even holding a round of funding. However, sources say the round is nearing completion and will be officially announced soon. In addition, none of the reported investors commented on the alleged range.

Sorare already raised $ 50 million this year in its Serie A round in February, led by Accel and Benchmark Capital.

Sorare changes the football game

In a statement for its Serie A round, Sorare said the company had not made a profit with 52% growth on a monthly basis over the past year. The press release also states that consumers traded cards worth more than $ 4 million in January alone.

Sorare did an amazing job by taking the game loved by millions and combining it with the NFT craze to create a unique and innovative platform. Sorare, like many other NFT collector’s sites, allows users to buy packs of cards in the blockchain, which can then be sold or traded with other stakeholders.

What makes Sorare so different is that players can use the collected cards directly in weekly fantasy football tournaments. In essence, the cards you collect become your team and the statistics are based on the actual performance of the players in a given week. Some of the Sorare cards are collectibles worth tens of thousands of dollars.

Published By : Crypto DNES


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