- Sorare recently announced its accomplishment in raising about $50 million
- Benchmark, a giant investment platform, led the funding round
- With the fresh funding, Sorare is all set to continue with the development of its ecosystem
Sorare represents a significant blockchain-based soccer gaming network. The platform recently announced its accomplishment in raising about $50 million from high-profile traders backing prime institutions such as Twitter, Instagram, and Discord.
Sorare achieves total funding of $60 million
The newly introduced Series A round elevates Sorare’s total funding to $60 million. Benchmark, a giant investment platform popular for its investment in companies like Twitter, Uber, and SnapThe, led the funding round.
Another lead investor was Accel Partners, popular for supporting platforms like Facebook and Spotify. The round also involved some supplementary investment from traders like Reddit co-founder Alexis Ohanian, Barcelona striker Antoine Griezmann, and VaynerMedia CEO Gary Vaynerchuk.
The new Series A funding
With the fresh funding, Sorare is all set to continue with the development of its ecosystem. This will include the launch of a mobile application and getting the best global 20 football leagues on-board. Soarer stated that the team is formulating an experience, especially for the fans. Within this experience, they will be able to share, celebrate and live football memories at a deeper attachment. Thus, the platform wishes to convert the idea of fantasy football into reality.
Launched in 2018, Sorare offers a network based on the Ethereum blockchain for digital collectibles. With non-fungible tokens, the platform provides a shared fantasy football experience. This experience further allows players to handle their players and collect prizes.
A strategic consultant at Sorare, Gerard Piqué, highlighted that the platform aims to implement the notable shift to online and digital fan encounters. He explained that with the shift from native supporters to global fan clubs in the stream of football, football fans want fresh ways to associate with the game, the players, and the whole community of fans.
Startups associated with blockchain and cryptocurrency are actively making their way into the soccer industry. They aim to develop fresh ways of fan alliances using developing technologies. Socios and Chiliz are some of the most popular industry efforts. They jointly offer blockchain fan tokens for mainstream global soccer clubs such as FC Barcelona and Juventus.
About Sorare
Sorare functions on Ethereum’s underlying blockchain platform to safeguard the ownership and allocation of cards. The supply of cards is restricted and cards cannot be adjusted, copied, or deleted. Each player card represents a non-fungible token (NFT) and is unique. The gamer personally was the respective player card, verified through the blockchain, wherein its value is free to appreciate or depreciate according to the metrics of the market.