Sorare is reportedly sitting on top of a fresh $532-million investment, per a report by Business Insider released on Wednesday.
Sorare Potentially Supercharging Offer with $532m Investment
Paris-based NFT digital collectibles platform Sorare continues to build upon its offering, with the company expected to announce a $532-million capital raise, part of its latest efforts to secure additional funding and expand on its existing offering.
Sorare already partners with a number of established soccer teams from the world of sports, including Bayern Munich, Juventus, Liverpool and Real Madrid, having produced dedicated non-fungible tokens (NFTs) for each of these clubs.
The latest funding round, if completed as per Business Insider’s reports, may push the company’s total value over $3.8 billion. Not only that, but the move represents the biggest capital raise in the history of France’s technological sector.
Sorare’s offer became particularly popular around the early-day bonanza for digital art incorporated into non-fungible tokens. A crypto rally helped push interest in NFTs even further, and Sorare managed to capitalize on this trend by creating quality digital assets with the help of numerous soccer clubs around the world.
Building on Its Past Success and NFT’s Future
The latest funding round, reportedly led by SoftBank, a Japanese investment company, and aided by UK-based venture capital firm Atomico, represents the company’s ambition to expand its offer even further. A previous funding round was completed in February, fetching the company $50 million, a small amount compared to the one that is arguably expected.
Sorare has declined all comments, though, arguing that there is nothing to announce at the present time. The company has attracted significant interest from prominent figures in sports and the tech industry. Some of its early-day investors include popular soccer players Gerard Pique and Antoine Griezmann, as well as Reddit co-founder Alexis Ohanian.
Sorare has been one of the most consistent companies in the NFT sector, with many firms seemingly in for a quick buck, while Sorare’s offer has continuously focused on sustainable growth through new high-profile partnerships.