Fantasy soccer NFT platform Sorare has closed a $680 million Series B funding round at a valuation of $4.3 billion. The financing was led by SoftBank and is the largest Series B round in Europe.
The funding will allow Sorare to expand into other sports
Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, and Liontree joined SoftBank in investing in the startup for the first time. Previous backers Benchmark, Accel, and Headline are also involved.
The funding will allow the platform to expand into other sports outside of soccer, including women’s sports, and expand Sorare’s reach globally. The company is looking to open offices in the U.S., launch marketing campaigns, and support projects that promote youth sports activities and other startups operating in the Sorare ecosystem.
What is Sorare?
Sorare is a platform that targets the fantasy sports market differently than just collecting cards. They use blockchain technology to turn cards into NFTs. Users collect and trade cards and use them in a weekly lineup of five players. The performance of the cards depends on how the soccer players play on the field, and the best results in the competitive weekly tournaments earn cryptocurrency.
Sorare currently has 600,000 registered users and has licensed players from over 170 soccer organizations, including FC Liverpool, Juventus, and also FC Barcelona thanks to their recent deal with the LaLiga. Since the beginning of the year, the platform has seen significant growth, with the number of monthly active users increasing 34-fold between Q2 2020 and Q2 2021. Year-to-date, the platform has generated $150 million in sales.
SoftBank has been actively investing in Fintech
Over the course of this year, SoftBank has supported several fintech companies – primarily through its Vision Fund 2.
Recent investments include $33 billion neobank Revolut; DriveWealth, an infrastructure company that supports fractional investments in U.S. equities; Nigerian payments company OPay; and, through Latin America Fund, Brazilian crypto exchange Mercado Bitcoin.