Sorare, a blockchain-based football gaming and non-fungible token platform, announced today that it has raised $50 million in a Series A funding round led by venture capital firm Benchmark. The company is planning to expand its team with the new funds.
According to the official announcement, a team of investors including Antoine Griezmann, Rio Ferdinand, Oliver Bierhoff, Alexis Ohanian and Gary Vaynerchuck participated in the latest funding round. Sorare’s leading investor Benchmark previously backed companies such as Instagram, Twitter, Discord, and Snapchat.
“We’ll be using this new funding to propel our vision forward. Our mission is to create ‘The game within the game’. We are transforming online football fandom and giving fans like us the power to own the game they love. Specifically, the funds will help us to accelerate the hiring of a world-class team and to onboard the top 20 football leagues in the world. More importantly, these funds will serve to delight our current and future community. Clubs, footballers and fans are at the heart of the game. We’re designing an experience where fans can celebrate, share and live football moments at a deeper connection. We’re making fantasy football a reality,” Sorare mentioned in the official announcement.
The digital collectibles platform is based on the Ethereum blockchain. The company added that it will be launching a new mobile application with the help of new funds.
Blockchain and Digital Cards
The use of blockchain technology in the issuance of digital cards has surged in recent years. NFT collectibles have gained massive popularity among football fans around the world and major football players are entering the NFT market. Spanish Footballer and defender of FC Barcelona, Gerard Pique recently joined Sorare as a Strategic Advisor.
“Blockchain technology gives Sorare cards superpowers. We are building more than collectibles. Our digital cards have a utility that can be used in our global fantasy football games and myriads of games. The potential is limitless and we can’t wait to see the amazing football projects that are built around Sorare cards,” the company mentioned in the official announcement.