Rumors that Solare has raised a record amount of money have been swirling for months, and they turned out to be true.
The Paris-based fantasy soccer game and non-fungible token (NFT) trading platform has raised $ 680 million in Series B funding led by Japanese conglomerate SoftBank at a valuation of $ 4.3 billion. The investment round announced today is Europe’s largest Series B, following the $ 50 million Series A, which was completed in a private evaluation in February, and the second largest blockchain startup after the cryptocurrency exchange FTX. It is a big private financing. The wealthiest millionaire Sambankman Fried in the industry. Other investors include Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, Liontre, and existing investors Benchmark, Accel and Headline.
Similar to FTX, which has established itself as a platform built by traders for traders, Sorare has created “soccer (soccer) fans for soccer fans” and is a fast-growing alternative. Works at the crossroads of the possible token market. Last month’s market capitalization was $ 14.27 billion, a sports card. The company’s co-founder, Nicholas Julia, believes its mission is to be an “in-game game.”
“We want to create the largest entertainment group in the sports world,” said Stratumn, a Paris-based company that previously provides a platform for developing enterprise-level blockchain applications. Julia, vice president, says. Sorare will use this investment to accelerate the company’s growth in football, expand into other sports, hire new talent and open its first office in the United States in the coming months (Julia). It accounts for more than 20% of the company’s revenue). ..
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According to Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group, it was this “in-game game” belief that led SoftBank to raise funds. Conglomerates are investing in multiple crypto startups, including Brazil’s largest crypto exchange, Mercado Bitcoin and Peter Thiel-backed venture Bullish, and Claure is taking an increasingly hands-on approach to managing its investment. .. “I personally joined the board,” he told Forbes in an exclusive interview.
Founded in 2018, the French startup quickly established a dominant presence in fantasy sports, a world of online games where users can form virtual teams of real players in professional sports. In the case of Solare, players exchange and manage teams using digital cards, or non-fungible tokens that can be verified via the Ethereum blockchain, in the form of unique digital assets.
The most expensive cards featuring star players such as Cristiano Ronaldo and Antoine Griezmann sell for around € 100,000. In particular, according to Julia, some of these players interacted directly with Solare’s platform. “For example, Antoine Play games “Regularly,” says Julia. “He’s a real fan and gives us feedback on the score” (Forbes hasn’t received confirmation from the Griezmann team by the press time). In December 2020, Barcelona defender Gerard Piqué joined the startup as a strategic advisor. Both Chelsea captain Cesar Azpilicueta and former Manchester United captain Rio Ferdinand also participated in the round.
Solare states that the platform has more than 600,000 registered users and has licensed players from more than 180 professional clubs, including Real Madrid, Liverpool, Juventus and the French and German football federations. According to the company, more than $ 150 million of cards have been traded on the platform since January, with monthly active users increasing 34-fold from the second quarter of 2020 to the second quarter of 2021, with quarterly sales. It increased more than 50 times during the period.
Take off as a similar platform built at the intersection of sports and crypto collections— —NBA Topshot, a $ 683 million online marketplace where basketball fans can buy and sell video highlights of their favorite players, or NFT co-founded by popular sports product company Fanatics with Galaxy Digital CEO Mike Novogratz and Chairman Check out the startup Candy Digital. Carriers VaynerchX, Gary Vaynerchuck,— —The newly built unicorn wants to duplicate its model in other sports. “I’m thrilled with the success so far, but this is just the beginning,” says Julia. “I believe this is a great opportunity to create the next sports entertainment giant, bring Solare to more football fans and organizations, and introduce the same proven model to other sports and sports fans around the world. increase.”