Sorare has successfully raised significant funding over multiple rounds, establishing itself as a notable player in its industry. The platform offers a unique experience, blending elements of gaming and sports.
Continue reading to delve into the details of Sorare's fundraising journey and the investors who are backing this innovative platform.
What Is Sorare?
Sorare, founded in 2018, is a Paris-based company that merges the worlds of fantasy sports and blockchain technology. The platform allows users to collect, trade, and manage a virtual team of digital player cards.
Founded by Nicolas Julia and Adrien Montfort, Sorare has quickly gained traction in the sports and gaming communities. The company has grown to employ over 100 people, reflecting its rapid expansion and popularity.
With a unique blend of gaming and sports, Sorare offers an innovative experience that appeals to both sports enthusiasts and tech-savvy users.
How Much Funding Has Sorare Raised?
- Series B
- Amount Raised: $680 million
- Date: September 2021
- Lead Investors: SoftBank's Vision Fund 2
- Valuation at Round: $4.3 billion
- Motivation Behind the Round: The funding will be used to expand into new sports, open a U.S. office, hire more staff, and invest in marketing campaigns.
Sorare has raised a total of $680 million with a current valuation of $4.3 billion.
Key Investors
- SoftBank's Vision Fund 2
- Details: SoftBank's Vision Fund 2 is a venture capital fund managed by SoftBank Group. It focuses on large-scale investments in technology companies.
- Investment Focus Areas: Technology, AI, Robotics
- Notable Investments: Uber, WeWork, ByteDance
- Atomico
- Details: Atomico is a European venture capital firm founded by Niklas Zennström, co-founder of Skype. The firm invests in technology startups with a global reach.
- Investment Focus Areas: Technology, Fintech, Healthtech
- Notable Investments: Klarna, Supercell, Lilium
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a leading American venture capital firm. It focuses on early-stage and growth-stage technology companies.
- Investment Focus Areas: Technology, SaaS, Healthcare
- Notable Investments: LinkedIn, Shopify, Pinterest
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that invests in both public and private markets. It was founded by Daniel Sundheim.
- Investment Focus Areas: Technology, Consumer, Healthcare
- Notable Investments: Stripe, Instacart, Robinhood
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital firm based in the United States. It has a strong focus on technology and media companies.
- Investment Focus Areas: Technology, Media, Enterprise Software
- Notable Investments: Slack, Twitter, Snap
What's Next for Sorare?
As Sorare looks to the future, the opportunities are vast. The company plans to expand into new sports, open a U.S. office, and form more partnerships with professional sports organizations. With a valuation of $4.3 billion and $150 million worth of cards traded since January, the potential for growth is immense.
Future fundraising opportunities are likely as Sorare continues to attract investor interest. The platform's rapid growth and increasing popularity make it a prime candidate for additional funding rounds. However, challenges such as regulatory scrutiny and competition from other NFT-based sports platforms could pose hurdles along the way.
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