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Sorare is allegedly nearing the end of a $500 million fundraising round, with a valuation of at least $3.8 billion.
According to reports, Sorare, a French NFT-based soccer trading card game creator, is nearing a $532 million investment round with a valuation of at least $3.8 billion.
According to unnamed sources in Business Insider, the latest funding round is expected to be led by Japanese telecommunications giant SoftBank, along with participation from European venture capital firm Atomico.
Other potential backers include Eurazeo, a European investment business, and Blisce, a fund created by French entrepreneur Alexandre Mars.
Sorare was founded in 2018, and its NFT-based soccer collectable card game now has 142 licenced teams from top leagues around the world, including Liverpool from the English Premier League, Real Madrid from Spain’s La Liga, Paris Saint-German from France’s Ligue 1 and Bayern Munich from Germany’s Bundesliga.
Sorare CEO Nicolas Julia allegedly denied that a fundraising round was taking place, contradicting Insider’s unidentified insiders who believe the deal is nearing completion. SoftBank and Atomico have not yet responded to the reports.
If true, the half-billion-dollar financing deal would mark a stratospheric climb for Sorare in 2021, following a $50 million Series A funding round in February that featured backing from Twitter, Instagram, Discord, and French soccer star Antoine Griezmann, to name a few.
Sorare is placed sixth on the list of top NFT collectable projects, with $12.37 million in sales volume over the last 30 days from a total of 9251 traders, according to DappRadar statistics.
The project’s tokens also perform well on secondary markets, according to CryptoSlam data, with a rolling 30-day average of $6.4 million in sales from 6,111 purchasers.
The platform announced its first national team licence arrangements in June, including collaborations with the German and French national teams ahead of the 2020 European Championship.
In addition, in December 2020, the business hired F.C Barcelona star defender Gerard Piqué as a strategic advisor to assist the platform target a youthful demographic of soccer fans and card collectors.