Total amount raised
$4.3 Billions
Latest funding date
9/1/2021
Location
Sorare has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform offers a unique fantasy football experience where players can buy, trade, and play with official digital cards.
Keep reading to explore the intricacies of Sorare's fundraising journey and the investors backing this innovative platform.
What Is Sorare?
Sorare, founded on December 1, 2018, is a global fantasy football game based in Paris, France. The platform allows players to buy, trade, and play with official digital cards.
Founded by Adrien Montfort and Nicolas Julia, Sorare aims to make crypto fun and accessible through its innovative fantasy football experience. The company has grown significantly since its inception.
With a team of 101-250 employees, Sorare continues to expand its offerings and attract a diverse group of investors, solidifying its position in the digital sports industry.
How Much Funding Has Sorare Raised?
- Pre-Seed Round
- Amount Raised: €550K
- Date: May 2019
- Lead Investors: Kima Ventures, Seedcamp
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and secure early partnerships with football clubs.
- Seed Round
- Amount Raised: $10M
- Date: July 2020
- Lead Investors: Headline
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's features.
- Series A
- Amount Raised: €40M
- Date: February 2021
- Lead Investors: Benchmark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate hiring, onboard top football leagues, and launch a mobile application.
- Series B
- Amount Raised: $680M
- Date: September 2021
- Lead Investors: SoftBank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations globally and enhance product offerings.
Total Amount Raised: $740M
Current Valuation: Not publicly disclosed
Key Investors
- SoftBank
- Details: SoftBank is a Japanese multinational conglomerate holding company. It is known for its investments in technology, energy, and financial sectors.
- Investment Focus Areas: Technology, telecommunications, internet services.
- Notable Investments: Alibaba, Uber, WeWork.
- Benchmark
- Details: Benchmark is a venture capital firm that focuses on early-stage investments in technology companies. It has a strong track record of backing successful startups.
- Investment Focus Areas: Early-stage venture capital, technology startups.
- Notable Investments: eBay, Twitter, Uber.
- Headline
- Details: Headline is a global venture capital firm that invests in early-stage and growth-stage technology companies. It has offices in North America, Europe, and Asia.
- Investment Focus Areas: Early-stage and growth-stage technology companies.
- Notable Investments: Bumble, Farfetch, Sonos.
- Kima Ventures
- Details: Kima Ventures is a seed-stage investment firm based in Paris, France. It aims to support startups with high growth potential.
- Investment Focus Areas: Seed-stage investments, technology startups.
- Notable Investments: TransferWise, Zenly, Docker.
- Seedcamp
- Details: Seedcamp is a European seed fund that invests in early-stage startups. It provides funding, mentorship, and a network to help startups grow.
- Investment Focus Areas: Early-stage startups, technology, internet services.
- Notable Investments: Revolut, TransferWise, UiPath.
What's Next for Sorare?
Sorare stands at the cusp of a massive opportunity, poised to revolutionize football fandom through digital collectibles. With plans to onboard the top 20 football leagues globally, expand its team, and launch a mobile application, the platform is set to deepen fan engagement and broaden its reach. The growing interest in NFTs and blockchain technology further amplifies Sorare's potential, positioning it as a key player in the digital sports industry.
Future fundraising opportunities seem promising, given the platform's rapid growth and substantial financial backing. As Sorare scales, additional investment rounds could support further expansion and technological advancements. However, challenges such as high Ethereum gas fees, competition within the NFT marketplace, and regulatory hurdles could pose significant obstacles. Navigating these challenges will be crucial for Sorare to maintain its momentum and achieve sustained success.
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