French fantasy soccer platform Sorare raises $680 million
Sorare, a French fantasy soccer platform whose "cards" are non-fungible tokens registered on the Ethereum blockchain, raised $680 million in Series B funding at a $4.3 billion valuation led by SoftBank Vision Fund 2.
Why it matters: This is the largest-ever VC deal for a company in the NFT space, which either will prove to be Bitcoin circa 2013 or pet rocks circa 1975.
Other investors include Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and Liontree.
The bottom line: A big differentiator for Sorare, and a reason for the huge raise, is the company buys exclusive rights from soccer clubs like Real Madrid and Juventus.
- It also differs from "traditional" NFT startups in that it's focused on fantasy sports, which is inherently transitory, rather than on collectibles.