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Publisher of fantasy football games Sorare has revealed that it has secured $680 million in funding, which it now plans to use to fuel its expansion into other sports all across the world.
The Paris-based company, which was founded in 2018, claimed in a press release that it had more than 600,000 registered users and already held "a leading position in the fast-growing football non-fungible token (NFT) space" on a platform that featured licenced players from more than 180 football enterprises, including clubs like Juventus, Liverpool, and Real Madrid.
According to Sorare, the extra capital has increased the company's worth to around $4.3 billion and will also enable it to "grow its world-class workforce by hiring across critical jobs" and start a number of fresh marketing initiatives. The French innovator announced that it is now furthermore preparing to enter the United States and to launch a number of programmes "to encourage athletic activities for young people and fund other start-ups in its ecosystem."
The press release was used by Nicolas Julia, the chief executive officer of Sorare, to announce that SoftBank Group Corporation of Japan, in conjunction with a number of new investors, including D1 Capital, Bessemer Venture Partners, and Atomico, led the company's most recent "Series B" funding round. The company will also be able to use its NFT position to "sign up the top 20 football leagues and grow into other sports," according to the boss, who continued.
"Sorare's game is the result of our passion for football and our technological know-how. We saw the enormous potential that blockchain and NFTs held to open up fresh avenues for connecting football teams, players, and fans on a deeper level. Although we are happy with the early success, this is only the beginning.
Sorare is located "at the confluence of two incredibly fascinating markets in digital collectibles and fantasy sports," according to Marcelo Claure, the Chief Operating Officer for SoftBank Group Corporation. The businessman also revealed that the inventor has already sold more than $150 million worth of cards this year, with its total quarterly sales increasing by 51 times in the twelve months leading up to the end of June.
"It is clear from Sorare's phenomenal development only this year that football fans all around the world have been impatiently awaiting the "game within the game" that it offers. We are happy to be a part of this adventure and are very interested in what the firm will accomplish in its upcoming phase of expansion.
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