The NFT studio Candy Digital has announced it has raised another $100 million in its Series A funding round. The digital collections company is now worth over $1.5 billion. The funding will allow Candy Digital to enhance and expand its creative capabilities.
Fanatics is a leading global digital sports platform. The company owns majority shares in Candy Digital. Founded in 2020, Candy, the US-based NFT startup has enjoyed relative success so far. Founded by Michael Rubin, Mike Novogratz, Gary Vaynerchuk, Candy Digital is flourishing. This round of funding will help them accelerate their growth and expand into different sports across the globe. The funds will create new fan experiences.
There was major interest in this round of funding. The Series A funding round included private equity and venture capital companies Insight Partners and Softbank Vision Fund 2. The pair co-led the round. Other notable investors include Creative Artists Agency (CAA) and New Enterprise Associates (NEA). There was also participation from current and retired sports athletes belonging to the NFL, NBA, NHL, and MLB. This helped valuators to declare Candy Digital worth $1.5 billion. Also involved is Peyton Manning, the Hall of Fame NFL star.
What next for Candy Digital?
Candy is already a well-established company. They aim to be the premier destination for sports NFTs. Firstly, in August, they partnered with Major League Baseball. Together, they released a series of NFT focusing on team stadiums. This collection features all 30 teams. Now, they are the official NFT of Major League Baseball.
Candy Digital aims to build Major League Baseball’s official NFT ecosystem. It will be a place where fans and collectors can gather. The platform will allow them to purchase and trade officially licensed NFTs. The digital collectables company believes this will enable fans to get closer to the game. Currently, Candy is providing 2021 icon packs. You can buy directly from the site, using the Ethereum side chain, Palm.
Furthermore, they are now looking at expanding to partner with other major sports leagues. “Candy is focused on being the trusted, institutional-grade provider of authentic licensed products in the NFT space, and we are excited to continue to grow our business and develop unique digital assets which bring fans and collectors closer to the sports and players they love,” said Scott Lawin, CEO of Candy Digital.
Covid-19 struck almost two years ago now. The pandemic harmed the finances of all sports teams. Now, with the rise of NFTs, these huge franchises are capitalising on lost time. Several NFT marketplaces now recognise the bond between fans and their sports teams; therefore, there will only be more to come.
In September, Sorare raised over $688 million in its Series B fund. Sorare is the official NFT partner of the Spanish first division, La Liga. Certainly, more big leagues will follow. Sport and NFTs can make a great team.